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Foreign Account Reporting

The IRS’s foreign account reporting rules survived the latest legal challenge. In 2015, Sen. Rand Paul (R-KY) and several other individuals filed a lawsuit alleging that both the Foreign Account Tax Compliance Act and the reporting mandate that it imposed on U.S....

Client Relationships

I have peers that in their desire to be more efficient have streamlined their processes so much that there is no longer any contact with the client on a face to face basis.  All of it is electronically done. The clients have either granted access to their data or...

5G

5G is very fast; apparently 100 times faster than 4G, and 10 times faster than our average broadband connection. This should enable the next wave of technological and societal advancements that destined to transform our economy: Autonomous vehicles, smart factories...

Simplified 1040

Because of the Tax Cuts and Jobs Act (TCJA), it is believed that more taxpayers will be embolden up to 90% of taxpayers, by some estimates—to prepare their own tax returns for 2018. With the simplification of the Form 1040, it is believed that more people will use the...

W-9

With less than two months of the year remaining, now is the time to look towards the year end for tax issues and year end planning. First businesses should be making sure that they have valid up to date W-9’s for all of the Independent Contractors that they utilize. ...

Return on investment – politicians

We have Democrat Billionaire JB Pritzker officially spending more personal money than any other person in history to get himself appointed governor of Illinois ($161.5 million).  What will be his “return on investment”?  I for one do not believe that there is not a...

Data

The relevance of your current data is important to the running of a successful business, especially when it starts growing larger and larger.  I have a manufacturing client that has revenues that exceed $2MM.  Unfortunately they do not keep their data in the most...

Small Business Banking

Sad as I am to admit it, I have current clients that have at best mediocre relationships with their bank. A couple of client’s in recent times have had their bank reduced “lines of credit” by at least half.  Where the banks were attempting to get the clients to leave...

Words heard

Podcasts, I listen to one with great anticipation, its current incarnation is “Under the Influence” with Terry O’Reilly.  This past year I missed several episodes and so I am planning on purchasing them from iTunes (I hate iTunes since they don’t always work with...

Engineer’s perspective

I have been having discussions with clients on the potential impact whether good or bad of the prospect of AI (artificial intelligence) on their businesses.  Some are looking forward to further automation; others think there will be a minimal impact on theirs for...

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