After 21 plus years, one of our senior staff members is leaving to take on a new challenge. She has been a valued member of our staff; we will miss her and wish her all the best in her new adventure. This creates quite a vacuum here at NOT YOUR BASIC BEAN COUNTER! …
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Time to get rid of any “ghost assets” Do you have any “ghost assets” lurking around your rentals? A ghost asset is an asset on your depreciation schedule that you no longer have. That means you either sold it or scrapped it…or LOST it!! Good grief. A study found that 30% of business…
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For decades now, I have consulted with dozens of businesses when it comes time to sell. There are a lot of decisions to make. One of the most important is HOW MUCH? I get asked that all the time. The good news (for me) is that I do NOT EVER represent myself as some kind…
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The IRS has just released its annual Data Book. This one covers from October 1, 2017, to September 30, 2018. It’s only 75 pages long and makes for some great late night reading! Just for the pure FUN of it, I have decided to condense some of the more interesting information in the report and…
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As a CPA I get to deal with all kinds of tax issues in various industries. I work with contractors, doctors, architects, engineers, retired folks, investors, businesses, consultants and so much more. AND IT IS FUN! I love the tax world. Of course, Congress has made the tax laws so complex that I will…
DetailsAs most of you know, I have spent the last several months criss-crossing the country teaching this new tax law to thousands of other tax professionals. It has been quite an eye opener. My biggest surprise is how few tax professionals have taken this seriously. There are tons of tax professionals who are NOT…
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I just spoke with some people who informed me of a scam they were hit with in late 2017. Are you sitting down? This will astonish you…. and make you MAD. Here’s the story. They live here and were in the process of purchasing some property in California. In that regard, they were working with…
DetailsCHARITIES FEARFUL OF NEW TAX LAW Our new tax law has many changes in it. It is, indeed, the largest piece of tax legislation since 1986 (and I know that some of you reading this weren’t even alive in 1986!). In any event, one of the provisions of this new tax law has many charities…
DetailsDecember 22, 2017 Dear reader, With the Tax Cuts and Jobs Act reportedly headed for the President’s desk shortly, many clients may be asking what they can do before year-end to best position themselves for tax savings, and to avoid or soften the impact of disappearing deductions. The following Client Letter offers year-end moves…
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