Ethics in Tax Practice
In the course of operating a tax practice, we sometimes find ourselves dealing with issues and situations that seem harmless or insignificant, but that are really landmines waiting to explode. As practice owners, we must set the standards of performance and adherence...
Employing your child could be a win-win strategy
I met with one of my higher income clients this morning to discuss tax saving ideas. She operates a business out of her home to keep the overhead low. This year her income has increased about 20 percent and it looks like the growth will continue for the foreseeable...
The Balance Sheet: The Unappreciated Statement
I have prepared financial statements for business owners throughout my entire career. A standard set of financial statements can be a wealth of information when it comes to operating a successful business. Too often the value of these tools is unappreciated by the...
Don’t be Afraid to Raise your Prices!
This morning I met with a small contractor to review his year to date results of operations and compute the income tax he should submit by Sept. 15th. During the meeting he mentioned how busy he has been and that he is turning down offers to look at more work because...
Tax-Related Telephone Scams
This week our area has been hit with an increased number of tax-related scam telephone calls. They are starting to sound much more realistic than similar scams in prior years. Usually the caller will identify themselves as a member of an enforcement division of either...
We can’t do it all…well
As business owners, we do our best to minimize our expenses while trying to maximize our revenues. Too often we become revenue-focused and pour the majority of our time and energy in to producing more revenue. This naturally leads to a decline in the aspects of our...
Behind the Scenes at a Carnival
Last week, I had the opportunity to serve my Ruritan Club and the Jefferson community by working every night at our annual carnival. Most people are unaware of the recordkeeping and statistical tracking that goes on at a carnival. Each major activity is a separate...
IRS to Audit More Small Businesses!
The 2018 IRS Forum was a valuable source of information regarding the upcoming tax filing season. Among the many tidbits I gleaned were issues of IRS concern relating to small businesses. The IRS has announced they are going to scrutinize such things as: personal use...
Many New Tax Law Changes are Just Around the Corner!
Last week I spent three fantastic days at the IRS Nationwide Tax Forum! Many new tax laws and changes to the tax forms are slated for the next filing season. The amount of new information, procedural changes and tax form modifications discussed was at times,...
The annual IRS Tax Forum is here!
This week, I will be attending the IRS Tax Forum at the Gaylord Hotel in National Harbor, Maryland. The forum is a special opportunity for Tax Practitioners to attend presentations where the internal processes of the IRS are discussed. This offers insight in to...