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Jul
31

New organizations seeking to be approved by the IRS as tax-exempt entities have understandably long dreaded the lengthy application process; Form 1023 is 26 pages long with nearly 40 pages of instructions. Additionally, the in-depth questions and responses require a significant amount of review by the IRS, resulting in a lengthy waiting period for approval…..

Jul
25

The U.S. Supreme Court recently ruled in Clark v. Rameker that inherited IRAs cannot be shielded from creditors during bankruptcy. The Court noted that inherited IRAs are different from traditional retirement assets in the following three ways: Inheritors are not allowed to make additional contributions to the account. Funds are required to be withdrawn regardless….

Jul
22

Selling a home can be a stressful experience. As CPAs, we are asked many questions about selling a home and the impact on one’s taxes. Here are the top 3 questions we are frequently asked by our clients when they are selling a home: Do I have to Pay Taxes on the Income Gained from….

Jul
18

Control-Alt-Delete: 4 Types of Debt

 

Control-Alt-Delete allows users to close a computer application that isn’t functioning properly. But what happens when your finances aren’t functioning properly due to consumer debt? Watch as Louise Anderson and Scott Abrams discuss the four types of consumer debt, tax-deductible debt items, and smart ways to re-boot your finances.

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Jul
11

If you have planned for your child’s college education with an educational savings account (ESA)—usually in the form of a 529 college savings account—and your child has received a financial scholarship, then consider yourself lucky! Meanwhile, evaluate your options. Typically you would owe income taxes and a 10% penalty on the earnings portion of ESA….

Jul
08

Many employers utilize third-party payroll service providers to complete some—or all—of their payroll and associated tax duties. Outsourcing payroll services allows companies to avoid dealing with heavily regulated tasks including withholding and reporting, as well as paying social security, Medicare, and income taxes. However, companies should remember that they hold ultimately responsibility for federal tax….

Jul
03

For years, contractors have struggled to determine whether certain costs may be expensed for tax purposes (that is, deducted currently) or if they must be capitalized and depreciated. The IRS recently issued long-awaited final regulations on this subject (in the form of 222 pages), known as the “Repair Regs.” These final regulations outline the plan….

Jul
01

Sit back and relax as we rewind through a few helpful QuickBooks® features that may have been forgotten about over time. Duplicate Journal Entries When it is necessary to post the same journal entry in another period, QuickBooks® provides a simple solution. Input the journal entry, then right click and choose Duplicate Journal Entry. Primary….