Ever stare at boxes and boxes of files in your garage or your basement and get an itch to clean up? Or are you the sort who pushes these boxes out of sight and is quite happy to let them be? Whichever personality best describes you, you will want to read this before you decide to throw those papers or cover them up with something fancy, call it art and make it a fixture in your basement!
A prospective client called a few weeks ago to discuss his tax situation. He sold his business in 2016 and was very unhappy with his income tax bill. He asked, “Can you lower my taxes? Did the return preparer calculate my taxes correctly?” After a brief review of his sales contract and the return prepared for him, the answer was clear. The return was prepared correctly. However, wise tax planning when he started his business about ten years ago, or even a few years back, would have saved him a very large sum of money when he sold his business.
U.S. Business Taxpayers reporting income using IRS Form 1120S who like to drill down into the tax forms my team prepares usually tend to get a little freaky over the Accumulated Adjustment Account (AAA) reported on Schedule M-2, specifically why the entry doesn’t tie out to what their books and records show for retained earnings.
PTIN stands for Preparer Tax Identification Number. This was originated by the IRS in 1999 to protect the identity of professional tax return preparers. Prior to that time, preparers were required to list their social security number on the prepared return. This, obviously, was a good move that preparers readily accepted as it helped protect their identity. It was simple. You applied for the PTIN, paid no fee, and it was presumably good for life.
If you are having trouble landing new high-value, pay-in-advance clients, we invite you to learn from one of the best tax practice trainers in the industry. Michael Rozbruch, an expert and pioneer in the tax resolution industry, is sharing the strategies that propelled him to the top through this unique web training session. The knowledge gained during this webinar will help you along your journey to becoming a top tax professional.
TaxConnections Asks Tax Experts-Make Your Best Tax Recommendations
We know there are amazingly talented and forward-thinking tax experts with great ideas visiting TaxConnections. We ask you to share your best tax ideas so that we may forward them all to the Read More
My desire to describe a generation of distinguishable tax experts in corporations, accounting firms, law firms and academia made me think of a “taxonaut” or “taxnaut”. When you look up the word “naut” in the dictionary it states the definition is one of a voyager; or likened to a voyager! There is a new generation of tax professionals voyaging out into a new world of tax explorers. They are being Read More