2016 Tax Planning for Business

The most important point to remember about year end business tax planning is that proactively minimizing this year's income tax can indeed have an equally adverse impact on next year's tax planning, so tread lightly and consider both sides of the

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Posted in Tax Guidance & Preparation, Tax planning, Uncategorized

Bitcoin – A Currency For the Digital Age – IRS Notice 2014-21

The following is an article I coauthored with my friend Beth Logan for the November/December edition of the EA Journal.  Beth is the Treasurer of the Massachusetts Society of Enrolled Agents. In addition to taxes, she is a small business consultant.

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Posted in Bitcoin, Digital Currency

Situations by which Docketed U.S. Tax Court Cases may be sent to Appeals for Settlement Consideration

In Notice 2015-72 the IRS proposes to update Rev. Proc. 87-24 regarding situations by which docketed U.S. Tax Court cases may be sent to Appeals for settlement consideration. This proposal: Intends to ensure that docketed cases are handled consistently nationwide. Clarifies that, except in

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Posted in Appeals & Audit Resolution, IRS Appeal, IRS Enforcement, Tax Court, Tax Relief, United States Treasury

2015 Depreciation Deduction Limitations for Passenger Vehicles

Understanding depreciation schedules including method and life expectancy is one of many areas of the Internal Revenue Code that separate the wide ranging ranks of the tax practitioner community. It never ceases to amaze me how many bush league practitioners and

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Posted in Auto, Business Expense, Depreciation, Passenger Vehicle, Vehicle Expense

Different Sources of Income Matter FDAP v. ECI

One of the issues difficult for some of my international clients to grasp about the United States is its taxation of citizens and resident aliens alike on their worldwide income without any regard to where the income is earned. Taxing US

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Posted in Alien, Alimony, Distributions, Expatriation, Foreign Income, Foreign Investment, International Tax, Paying Taxes

The New IRS Audit Technique Guide for Entertainers is a Riveting Page Turner

I have many clients in the entertainment industry and appreciate them all. The ones that fly to Denver to meet with me are my favorite as they tend to be the most disciplined. You are applauded on and off the

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Posted in Entertainment, Immigrant, IRS Audit Technique Guide for the Entertainment Industry, IRS Examination, Tax Relief

2015 Listed Property Limits for Autos, Trucks & Vans

Tax practitioners often times tend to judge each other by the quality of our client's respective asset lists and depreciation schedules. Truth is MANY practitioners get listed property limits WRONG because they simply do not understand the limits. Hence this

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Posted in Asset Classification, Auto, Business Expense, Car expense, Depreciation, Passenger Vehicle

Disability portion of SSA benefits (SSDI) will be removed from the FPLP 15% Levy for Past Due Tax Assessments

This is really confusing folks! On the one hand those of us who follow closely generally tend to believe that there is a LOT of rampant fraud in SSI Disability benefits practices these days but this news is going to

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Posted in Disability, IRS Enforcement, IRS Levy, Social Security, SSI
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