Blog

If you are looking for any last minute tax planning ideas, look no further than a Solo 401K.  Here is a brief summary of this robust tax deferral tool. Available for business owners with no other full-time employees – Sole … Continue reading →

Just a reminder that if any of you have made contributions to IRAs in the past where there has been a nondeductible portion of the contribution, you must keep track of this amount and file Form 8606 to substantiate it … Continue reading →

A week ago I went to a Tax Seminar here in Salt Lake City and one of the things I learned regarding S Corporations from one of the instructors was the following: S Corporations have a much lower audit profile … Continue reading →

The IRS has software titled Reasonable Cause Assistant (RCA) which is used by them for failure to file, failure to pay and failure to deposit penalty abatement requests.  Apparently the IRS’s over-reliance on its RCA leads to inaccurate penalty abatement … Continue reading →

It appears that the IRS is involved in a campaign of intimidation.  The IRS is sending out letters to thousands of  professional tax return preparers stating that “the returns they prepared for clients during the most recent filing season have … Continue reading →

A client called me today confused over who can take the student loan interest deduction.  He said he was told by another CPA that if he paid on his child’s loan, he could take the deduction even if his child … Continue reading →

One great tax planning tool just got clarified in the last couple of days.  In final regulations issued by the Treasury Department on October 31, 2011 the exceptions from taxes under FICA and FUTA under sections 3121(b)(3) (concerning individuals who … Continue reading →

The IRS has issued guidance on the treatment of employer-provided cell phones, as well as on the treatment of employer reimbursement to an employee for the cost of maintaining a personal cell phone that is used for business purposes (Notice … Continue reading →

Several key techniques for mitigating risk and planning for the future are as follows: 1. Plan for the contiuation of your business if you should die or become disabled. This is an often overlooked principal that the small business owner … Continue reading →

Just had a client ask me today if he could shedule his estimated tax payments to come directly out his checking account on a quarterly basis.                      There are two ways to have this automatic withdrawal to occur.  If you efile … Continue reading →