Deduction for legal fees related to civil rights and whistle blower suits

 Accounting & Taxation, Current Events, Tax Tips  Comments Off on Deduction for legal fees related to civil rights and whistle blower suits
Dec 102018
 

While most legal fees relating to personal matters are non-deductible (or no longer deductible), IRC Section 62(a) provides for a deduction for attorneys fees in civil rights & whistle blower cases as a write-in deduction on Line 36 of Form 1040, before AGI.

Be sure to bring to your tax preparer’s attention any such legal fees which you have paid during the tax year in order to properly report them and take the deduction to which you are entitled.

State Energy Tax Incentives

 Accounting & Taxation, Tax Tips  Comments Off on State Energy Tax Incentives
Dec 072018
 

Contemplating an investment in some energy-efficient equipment but unsure as to what tax incentives may be available in your state? The N.C. Clean Energy Technology Center at N.C. State University, funded by the U.S. Department of Energy, maintains DSIRE, the Database of State Incentives for Renewables & Efficiency.

Simply visit the link above and enter your zip code to get a list of potential incentives available in your area.

The 2017 Tax Extender Bill and what it means for 2017 personal returns

 Accounting & Taxation, Current Events  Comments Off on The 2017 Tax Extender Bill and what it means for 2017 personal returns
Feb 152018
 

The 2017 Tax Extender Bill was passed on February 9, resurrecting no less than 32 provisions which were to have sunset December 31, 2016. In fact, a number of these provisions would/could have impacted 2017 tax planning, had they been been taken up in a timely manner, but so it goes. Nevertheless, there are some important points to bear in mind for this tax season. Continue reading »

 Posted by at 5:17 pm

Cryptocurrency and you (or, what you need to know about Bitcoin, briefly)

 Accounting & Taxation, Current Events, Tax Tips  Comments Off on Cryptocurrency and you (or, what you need to know about Bitcoin, briefly)
Jan 092018
 

This will probably morph into a series of brief posts about cryptocurrency and how to handle it from a business and tax perspective. Most of us are still working through the maze, and of course, the tax landscape continues to shift beneath our feet. This article has been written post-signing of H.R.1, the Tax Cuts and Jobs Act, signed into law in December, 2017. Continue reading »

Why Accountants and Telephones Don’t Get Along

 Accounting & Taxation, General, Tax Tips  Comments Off on Why Accountants and Telephones Don’t Get Along
Mar 182016
 

A recent article in the CPA Practice Advisor cites a study of 2,234 people, conducted by “audio branding specialist” (whatever that means exactly) PH Media Group, which concludes that less than 24% of Americans who contact their accountants via telephone are satisfied with the manner in which their calls are handled. The article goes on to infer that as a result, accounting firms score an F in the area of phone skills this post. Continue reading »

Phone scams: Don’t be a victim!

 Accounting & Taxation, Current Events  Comments Off on Phone scams: Don’t be a victim!
Feb 272016
 

It seems that each year, criminals become emboldened by their past successes, and 2016 is no exception to that rule. While not at the top of this year’s <a href="https://www singulair generic.irs.gov/uac/Newsroom/IRS-Wraps-Up-the-Dirty-Dozen-List-of-Tax-Scams-for-2016″ target=”_blank”>IRS Dirty Dozen list of tax scams, phone scams are certainly toward the top of ours. Continue reading »

Think twice before becoming an Uber Entrepreneur

 Accounting & Taxation, Tax Tips  Comments Off on Think twice before becoming an Uber Entrepreneur
Jul 022015
 

The allure of being your own boss is a strong pull for many to escape the traditional demands of a regular job. Recently, app-oriented companies (such as Uber, Washio, Postmates, Shyp, and others) have become popular ways for non-capitalized erstwhile entrepreneurs to enter the wide world of self-employment. Continue reading »

Things to consider regarding business service providers when closing accounts

 Accounting & Taxation, Tax Tips  Comments Off on Things to consider regarding business service providers when closing accounts
Sep 152014
 

Payroll services are great assets. As compliance becomes more and more a full time job, outsourcing this task to experienced providers has become a popular alternative to handling such matters in-house. A single penalty for a missed tax deposit can far exceed the cost of a good payroll service for an entire year.

Complications do arise, however, such as when starting up, switching from in-house to a provider, changing providers mid-year, or terminating a business mid-quarter or before W-2 season.

We recently had a situation where a client sold his business assets (but no the business). As his business entity no longer had payroll, he contacted the payroll provider to terminate his account (with no payroll to process and no income from further operations, it seemed a logical choice). Unfortunately, that left the final quarter’s payroll tax reporting undone, and us (as the accountants preparing the general ledger) unable to access his payroll data online.

While we can’t blame the service provider per se (the provider is not paid to maintain the data in the online portal or to provide any services whatsoever after the account is closed), the issue is that many clients seem to forget that even though payroll may have stopped after the first week of the payroll quarter, payroll returns will still be due following the end of the quarter, and year-end reports (Federal Form 940, at a minimum) and W-2’s (and W-3) will also be due the following January.

Most payroll service providers will require their clients to maintain accounts (even if no current payroll is being generated) for a nominal fee in order to prepare the quarterly and year-end reports, as well as the W-2’s, and clients should expect to likely pay a la carte for such reporting services, even if they were previously accustomed to a package deal (unless the provider offers a similar package for inactive employers).

As always, communication is key. In the case above, because we have an ongoing relationship with the payroll provider, we were able to obtain the reports necessary and get the dialog moving (again) between our client and the payroll provider to ensure that the reports will indeed be prepared for this year, and to obtain the data we needed to prepare the general ledger work in a timely fashion. It may be easy to mentally separate the roles of accountant and payroll service provider, but in truth, we both work together, complimenting each other’s service offerings, and a good accountant will strive to maintain a good rapport with the service provider to minimize the impact on the client of procedural and administrative matters.

Warpstock Corporation 501(c)(3) status approved

 Accounting & Taxation, General  Comments Off on Warpstock Corporation 501(c)(3) status approved
Jul 282014
 

As Treasurer of Warpstock Corporation, I am truly pleased to be able to announce that Warpstock’s non-profit status has been approved.

The initial filing went in sometime in 2007, though our check was never processed. We then received a letter from the Service some months later, advising us that the application was pending review, and that they would follow up if additional information was needed. At some point after that, I recall another letter, requesting some additional information (nothing serious), then all went silent. Subsequent inquiries were met with no response.

A second filing of the same application similarly met with no response. Finally, in February of 2013, fully 18 months ago, we filed a fresh 1023. This time, our application fee was processed, and we did get a letter acknowledging receipt. A subsequent telephone call to the Service some months later confirmed that the application was indeed in the queue.

Last Friday, I received the notification letter, though it indicates that this was a reinstatement of a previous revocation in May of 2010, under Rev Proc 2014-11, which is the new streamlined process for reinstatement subsequent to an automatic revocation due to non-filing of the Form 990 for three years. However, not only did we never receive a previous approval, we never received a revocation notice, either. There is no sense in arguing the point, however, as all contributions made to Warpstock since May of 2010 are considered fully tax deductible to the extent allowed on each donor’s return.

Clash Of Clans Cheat And Hack Tool

John Wick: Chapter 2(2017)

 Tax Tips  Comments Off on John Wick: Chapter 2(2017)
Apr 232014
 

John Wick: Chapter 2(2017)


Quality : HD
Title : John Wick: Chapter 2
Director : Chad Stahelski.
Writer :
Release : 2017-02-08
Language : English.
Runtime : 122 min.
Genre : Thriller, Action, Crime.

Synopsis :
Movie ‘John Wick: Chapter 2’ was released in February 8, 2017 in genre Thriller. Chad Stahelski was directed this movie and starring by Keanu Reeves. This movie tell story about John Wick is forced out of retirement by a former associate looking to seize control of a shadowy international assassins’ guild. Bound by a blood oath to aid him, Wick travels to Rome and does battle against some of the world’s most dangerous killers.

John Wick: Chapter 2(2017)