Your Questions Answered
1. Question: My clients, husband and wife, called to say that in 2019 they contracted with a local cooperative to facilitate the sale of grain from their farming operation. The business is operated as an LLC and taxed as a partnership with the clients as the sole partners. For tax...
Ethical Behavior and Tax Prep
Last August, Paul M. was convicted on five charges of tax fraud, and one charge of hiding foreign bank accounts. While these are criminal offenses, let’s look at the ethical behavior of his tax preparer. Cindy L., an employee of KWC, prepared Paul M.’s 2014 and 2015 ... Lonnie Gary, EA, USTCP
Typical Payroll Tax Issues Amid Changes in the TCJA
After processing 2018 year-end payroll, employers may see the need to reevaluate processes, procedures, and tax configurations in the payroll system to ensure compliance amid the substantial changes created by the 2017 tax reform known as the Tax Cuts and Jobs Act... Joan Vines
Rethinking Our Use of the DMSH
When the IRS added the de minimis safe harbor (DMSH) election to the repair and capitalization regulations, practitioners rejoiced. Use of this election allows our clients to immediately expense small asset purchases provided that the asset cost is $2,500 or... Thomas A. Gorczynski, EA, CTC, USTCP
Breaking Down the Tax Professionals Role in Estate Planning
Many of us look for additional income- generating avenues during the off-season. I became a certified estate planner to bring in extra money. You may be thinking, “What exactly is a tax professional’s role in estate planning?” Simply put, it is our job to watch for issues like the estate tax, while at the same time having a solid understanding of what will be done at the time of death and how to adhere to the estate plan. First of all, th... Craig W. Smalley, EA