4, 3, 2, 1…Booster ignition, we have liftoff to avoid taxes!

“TRAPPIST – 1 to ground control, TRAPPIST – 1 to ground control, we have flight.” Are you lost yet? If you aren’t lost then it is probably because you heard about NASA’s recent discovery of a potentially habitable sister solar system, “The TRAPPIST-1 System” and you are envisioning yourself, with a huge grin on your …

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Alternative investments help diversify employee benefit plans

Alternative investments are generally defined as investments that do not have a readily determinable fair value. This means this type of investment is not listed on a national exchange, and quoted market prices are not published in financial publications. These investments also do not face the restrictions or regulations that a typical investment, such as …

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Form 1023-EZ now available electronically

It is official! The Internal Revenue Service (“IRS”) just announced that Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available online for the public to see for the first time. “The new online availability of Form 1023-EZ data is an important step forward and will allow taxpayers to more easily research information on …

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Using Groupon for your business

Some businesses avoid running special promotions and discounts with the view that this will tarnish their brand or reduce the value of the product or service they have worked hard at creating. However, some businesses find that offering special promotions and discounts through a deal website, such as Groupon, are an effective method for advertising …

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Trustees managing taxes? Use the 65 day rule

Trustees trying to manage the tax burden of a complex trust should be familiar with the 663(b) election, also known as the 65 day rule. Making this election can often help to lower the overall tax burden of the trust and its individual beneficiaries. Trusts pay tax at the highest tax rate of 39.6% when …

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Testifying for the first time – minimizing the jitters

In my former life – that is, before I became an accountant – as a police patrolman and detective on the Tucson, Arizona Police Department, I had the opportunity to testify on several criminal-type cases. Back in those days I would get pretty nervous before each of my court appearances. The mere pressure of waiting …

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Updated New York partnership, LLC, LLP filing fees

It is hard to believe that another tax filing season is upon us. To make matters worse, various Federal filing dates have changed depending on type of entity. States have been adjusting as well. One that is easy to miss is the New York Form IT-204-LL, which is the Partnership, Limited Liability Company (LLC) and …

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Executive orders cause confusion, headache at IRS

Across the United States and around much of the world, people are trying to determine the impact of recent executive orders issued by President Donald Trump. The IRS is no exception; in fact, the Service is concerned enough to have suspended issuance of all new revenue rulings and procedures until they have a better grasp …

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Itemized deductions – taxes

Yesterday I discussed charitable contributions as itemized deductions and today I am discussing taxes as they relate to itemized deductions. So here we go… State, local, foreign income and sales taxes You have the option of deducting general sales tax or state and local income taxes, but not both. Also you may think providing sales …

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Itemized deductions: charitable contributions

Itemized deductions… you probably think you don’t need to read this because it is something that has been around and hardly ever changes. You probably think you know what is and is not deductible at this point, correct? It is all too often that some little things like itemized deductions get pushed aside, because everyone …

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