Out of state pension income – who gets your taxes?

The best part of being retired is no doubt the freedom of movement. This freedom allows retirees to live wherever they want and to move whenever they want. (Oh, the joy!) They may decide to move to someplace warmer, someplace cheaper, or even someplace closer to their kids or grandkids. The fact is that many …

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IRS future: will Uncle Sam be a robot?

Working on your tax return at 1am on April 14th? Not sure if you can deduct the vet bills you paid for Fido (a real question put to me once……no sorry you can’t)? Good luck calling the IRS. Even during normal business hours. We are already seeing questions being answered by devices like Apple’s Siri …

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Is funding all that is required to fix the IRS?

Let me tell you, right now, that the customer service experience when dealing with the IRS is not pleasant. Even if you are a tax professional. Nina Olson was talking to Congress on Friday, May 19th and maintains that an adequately funded IRS is the solution to improvement with customer service. Perhaps funding is part …

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What’s my business worth? The age old question

Recently, this seems to be the number one question I receive from aging business owners that have begun to contemplate what to do next with their business. Business owners are beginning to realize they cannot work forever and are looking for options to liquidate their investment. So, what’s their business worth? What are a business …

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Nonprofit finance committee: to serve or not to serve

Many people reach a point in their lives where they ask how they can give back to their communities. Some people may respond to that by donating money to their favorite charity. Others arrive at a conclusion of serving on a nonprofit board of directors and donating their time and expertise (and often money, too!). …

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How companies can prevent, detect fraud from the inside

For small and medium sized companies, fraud schemes to create fake invoices and payments to vendors is fairly simple, if the right processes are not in place. According to an article written by Cecilia Locati in the Journal of Accountancy, these seven tips can help companies decrease the presence of fraud through the procurement process. …

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New tax rules for partnerships

What if you bought into a partnership today and discovered you would be responsible for a portion of an IRS tax adjustment attributable to a year prior to your investment? Seems a bit unfair? New partners need to be aware of how this new tax law change will affect their investment and what sort of …

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Did you make a taxable gift recently?

First, what’s a gift? A gift in tax code parlance is a transfer of property or money to another individual without receiving “full” consideration in return. You can gift directly or in “trust”. So what constitutes a taxable gift? Gift tax is owed when you gift “too much” to other persons since gift tax is …

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Changes to the Form 990 extension process

The due date for exempt organizations to file their Form 990 returns is the 15th day of the 5th month after the organization’s year-end. With the May 15th due date for organizations having a calendar year-end this week, you may have filed for an extension. If you did, you may have noticed that the 990 …

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Can I expense my luxury hotel room?

Can you expense your luxury hotel room? At first blush to the above question, your first response is “No.” After all, in order to be deductible, business expenses must be ordinary and necessary. And what is ordinary and necessary? No one exactly knows for sure – but generally, ordinary can be thought of as something …

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