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General Consulting

Financial Literacy & Healthcare

A recent AICPA survey of 1,008 adults administered by Harris Interactive showed that 51% of the respondents could not identify the terms premium, deductible, and copay.  These terms are basic fundamental terms related to the administration of health insurance. 'Half of Americans would fail health insurance 101," Ernie Almote, CPA, chair of the AICPA Financial Literacy Commission, said in a news release. Of the respondents, fourteen percent did not have health insurance and half said that paying for insurance was their biggest concern about the Affordable Care Act mandate.  Forty one percent of the individuals said they are not at all knowledgable [...]

2014-01-09T23:12:02-07:00January 16th, 2014|General Consulting, Personal Tax|Comments Off on Financial Literacy & Healthcare

An Enrolled Agents thoughts on the Shutdown

I can talk at length about the government shut down and the politics involved.  But the fact is, I am an advocate for the taxpaying public, and that isn't about politics. Taxpayers deserve fair, consistent, and timely assistance regarding their tax responsibilities. They deserve well trained, service oriented and interested members of the Service to be available at reasonable times. This shutdown is a disservice to the taxpayers, especially as the October 15 deadline approaches.  Yes, even individuals who file extensions are often due refunds - and they aren't going to receive them. It is a disservice to taxpayers who [...]

2017-06-06T14:49:51-07:00October 5th, 2013|General Consulting, Our Office|Comments Off on An Enrolled Agents thoughts on the Shutdown

Article – “Experts Weigh In: Forming LLCs vs. Corporations”

Aaron is quoted in this article by Deborah Sweeney on the website. is a self-incorporation website similar to or "14. “LLCs provide the ultimate in tax flexibility. They allow business owners to start small, and be taxed as a sole proprietorship. This keeps tax compliance costs low. As they grow, it will likely be optimal for the taxpayer to be an S-Corporation. LLCs allow them to modify their tax structure without having to change EINs or legal structure. I refer to LLCs as ‘chameleon entities,’ because they are able to take on the characteristics of any [...]

2020-07-11T16:27:39-07:00October 3rd, 2013|Business Tax, General Consulting, Our Office|Comments Off on Article – “Experts Weigh In: Forming LLCs vs. Corporations”

The Importance of Buy Local Campaigns

This infographic, prepared by Intuit (makers of QuickBooks, consumer tax software Turbo Tax, and professional tax software Lacerte), shows the importance and prevalence of Buy Local campaigns. he most important take-aways are that spending money locally keeps 45% of your dollars in your community, making them available to your neighbors and churning them through your local sales taxes. Inexpensive products purchased from multi-national companies have high costs from 'negative externalites' ... or costs which are not built into the product which are borne by local government or citizens.  Negative externalities may include increased pollution levels due to transportation, more frequent [...]

2020-09-14T11:15:31-07:00September 23rd, 2013|Business Tax, General Consulting, Our Office, Personal Tax|Comments Off on The Importance of Buy Local Campaigns

2nd Quarter 2013 Updates – Retirement Accounts

Retirement Accounts Individuals' guarantees of loan to company owned by their IRAs were prohibited transactions.  The Tax Court has held that taxpayers' guarantees of loans to a company, the stock of which was held by their individual retirement accounts (IRAs), to purchase another company's assets, were prohibited transactions under the tax laws. As a result, their accounts ceased to be tax-exempt IRAs, and the taxpayers were liable for tax on the capital gains realized on the later sale of the company stock. The individuals argued their personal guarantees weren't prohibited transactions because they covered loans to an entity owned by [...]

The Power of the Beneficiary Deed

Recently I took questions from two different clients concerning end-of-life planning, and specifically how it relates to the transfer of Real Estate. In the first case, a taxpayer's parent was on their deathbed, and they were contemplating preparing a quit-claim deed to transfer property into the name of the taxpayer in contemplation of death in order to avoid probate. In the second case, the taxpayer's parent had a proper trust which was being used to divide the parent's property amongst children from different families.  The parent, however, wanted their home to go directly, and in an undivided fashion, to the [...]

2017-06-07T08:42:47-07:00July 25th, 2013|General Consulting, Personal Tax|Comments Off on The Power of the Beneficiary Deed

Non-Filers & Collections Issues

If anyone you know has failed to file tax returns when due, it’s important that they be aware of the ways to resolve such a problem. Many nonfilers missed a year for one reason or another, and now are afraid to re-enter the tax system. But in fact, taxpayers who file overdue returns on their own are often treated reasonably well, much better than those who are caught. […]

2016-10-27T16:55:02-07:00June 27th, 2013|General Consulting, Personal Tax|Comments Off on Non-Filers & Collections Issues
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