April 18, 2024 | TaxConnections

18 Apr 2024

Spotlight Interview: Chuck Levun On Educating CPAs And Attorneys On Partnership, LLC, And S Corporation Flow-Through Planning On Four Costly Business Mistakes They Make (Part 1)

Each year there is a must attend complimentary webinar hosted by Tax Forum educators Chuck Levun, Michael Cohen, and Scott Miller. This is a special presentation for educating attorneys and CPAs on the four biggest and costly business mistakes they make and how to avoid them. Once you attend one of Tax Forums training sessions, you will appreciate why they are the leading trainers in the tax profession on partnership, LLC, and S corporation flow-through programs for tax professionals.

Please read through this special interview, Part 1 with Co-Founder of Tax Forum, Chuck Levun: Part 2 will be another spotlight interview with Michael Cohen. If you desire cutting edge training in partnership, LLC, and S corporation flow-through, you will want to Register For Their Complimentary Webinar. You will appreciate what you will learn spending time with these leading training experts.

Kat Jennings Question:
Please tell me about Tax Forum and its origin.

Chuck Levun Answer:
Back in 1985, I was engaged to be the consultant for the CCH Partnership Tax and Practice Guide. When the project was close to being finalized in the summer of 1987, I asked myself – “How can I help market this product?” I remember pitching the Tax Forum® concept to CCH and meeting with Dick Merrill, CCH’s CEO, who said to the 6 VPs present in the conference room, and I quote, “You guys make this work.”

The Tax Forum started in the fall of 1987 as a 1-1/2 day in-person program presented in four cities. After four years, CCH indicated that they no longer were interested in being in the seminar business (although for many years CCH remained a Tax Forum sponsor), and my partner, Michael Cohen, and I took over the entire concept and grew it to what it is today. At one point, we were presenting in-person in seven cities, as well as presenting private seminars to national CPA firms in another seven or so cities.
Read More

Written by TaxConnections Admin | Posted in Flow Through Training • S Corp Training

18 Apr 2024

Navigating A Sales Tax Audit: A Comprehensive Guide To Protecting Your Business

If you’re reading this, you’ve probably received a letter of audit from a government entity. You’ve also likely now gotten over your initial anxiety and are looking for help with the next steps. You’re in the right place – we’re here to tell you that there’s no need to panic.

So, what exactly is a sales tax audit? And what can you expect?

Definition Of A Sales Tax Audit

A sales tax audit is a rigorous examination conducted by state taxing authorities to review a business’s sales tax returns, financial records, and transactions. The primary objective is to ensure compliance with applicable tax laws and regulations regarding the collection, reporting, and remittance of sales tax.

We know, sounds scary. But we can help you navigate the process successfully. In this guide, we’ll unpack various aspects of sales tax audits, including triggers for audits, documentation requirements, strategies for responding to audit findings, the role of tax professionals, and the possible consequences of an unsuccessful audit.

Here’s what you can discover:

Understanding Sales Tax Audits

Triggers for a Sales Tax Audit
Types of Sales Tax Audits
Common Misconceptions about Sales Tax Audits

Responding to Audit Findings

The Audit Process: From Notification to Resolution: Gain insights into the audit process, from receiving a notification to resolving discrepancies and finalizing outcomes.
How to Handle Audit Findings: Explore strategies for addressing audit findings effectively, including reviewing and collaborating with tax professionals.
Read More

Written by Monika Miles | Posted in Sales Tax Audit

18 Apr 2024

Citizens Against Government Waste: The Prime Cut Series (#5)

Eliminate Earmarks For The F-35 JSF Program
1-Year Savings: $1.5 billion
5-Year Savings: $7.5 billion

The many problems of the JSF make it impossible to justify Congress adding funding beyond that requested by the DOD. Total acquisition costs of the program now exceed $428 billion, 84 percent greater than the initial estimate of $233 billion, with projected lifetime operations and maintenance costs of $1.727 trillion.

In February 2014, then-Under Secretary of Defense for Acquisition, Technology, and Logistics and now Air Force Secretary Frank Kendall referred to the purchase of the F-35 as “acquisition malpractice.” On April 26, 2016, the late John McCain (R-Ariz.), who was then chairman of the Senate Armed Services Committee, called the JSF program “both a scandal and a tragedy with respect to cost, schedule, and performance.”

The JSF has been dragged down by an array of persistent issues, many of which were highlighted in the FY 2019 DOD Operational Test and Evaluation Annual Report, which revealed 873 unresolved deficiencies including 13 Category 1 items, involving the most serious flaws that could endanger crew and aircraft. While this was an overall reduction from the 917 unresolved deficiencies and 15 Category 1 items found in September 2018, the report stated that “although the program is working to fix deficiencies, new discoveries are still being made, resulting in only a minor decrease in the overall number of deficiencies.”

Many of the problems with the F-35 program can be traced to the decision to develop and procure the aircraft simultaneously. Whenever problems have been identified, contractors needed to go back and make changes to planes that were already assembled, adding to overall costs. Speaking at the Aspen Security Forum on July 24, 2015, then-Air Force Secretary Deborah Lee James stated, “The biggest lesson I have learned from the F-35 is never again should we be flying an aircraft while we’re building it.”