Developing a Chart of Accounts

Often, I receive a request from new businesses for a sample chart of accounts.  While each chart of accounts is customized to that business, there are a few best practices that I communicate to my clients. When creating a new chart of accounts, you want to keep it simple and easy to use but also …

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Of Baseball and Senators

This is not technically tax related, unless you stretch the fact that Senator John McCain was at the same baseball game as my family on August 12th.  He has had a hand In Tax legislation for decade’s worth of my career. But the exciting part was seeing the joy on my oldest daughter’s face when …

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My company is only worth what?

More often than not, when a small business owner looks at the value of their business determined by a business appraiser, they are in total shock at the concluded value. Sometimes they are pleasantly surprised by a value higher than expected. Other times they insist their company is worth much more than the appraiser has …

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Do I Owe Taxes On My Scholarship?

Once the euphoria of receiving a scholarship starts to subside you might start to wonder what kinds of strings are attached. Thankfully this is one of those few instances where you can receive a large payment and not have to worry about the IRS coming to look for their share. Scholarships are generally tax-free, whether …

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Final Repair Regulations are Out!! Excitement Reigns!

Okay – maybe excitement is not really reigning on the new repair regulations that were just released by the IRS on Friday.  I may be better able to determine the actual excitement factor when I review them, but since a major tax deadline is on Monday, September 16th, the perusal is not working themselves into …

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Testifying awareness – black hats in the courtroom

When I was a young boy watching western movies, you could always tell who the good and bad guys were.  It was easy.  The good guys always wore white hats and the bad guys always wore black hats – well, most of the time anyway.  The black hat guys were just plain mean and ornery …

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