The new FEIN rules.

by | Jun 11, 2012 | General |

It appears that the IRS has changed their policy on issuing tax ID numbers.  This change is vexing tax professionals. The agency has decided that it will issue only one FEIN per day to requesters, down from prior five. This announcement came last month from the IRS....

Phantom Income and a tax court case?

by | Jun 11, 2012 | General |

Receiving a Form 1099-C on discharged debt does not always mean you owe tax. In a recent case a man who owed on his credit cards failed to pay up, and the credit card company eventually wrote off his debt. More than 10 years later, a firm that acquired the rights to...

Illinois Registered CPA’s

by | Jun 11, 2012 | General |

The final deadline is quickly approaching to become a “Registered CPA”.  Illinois has been a two tiered state and has been moving towards a single tiered state. What that means is that “Registered CPA’s” have passed the CPA exam but have not maintained the educational...

Are you paying for the hiring and training?

by | Jun 7, 2012 | General |

Are you paying for the hiring and training? I had a meeting this morning with a business consultant from a networking group. During the meeting we were discussing who my competition truly is for clients. He classifies CPA’s into three categories.  The first is the big...

You never know what to expect

by | Jun 3, 2012 | General |

Last week I met with someone from a networking group.  They mentioned that they are currently reviewing leaving the group due to lack of success.  I knew that they wanted to meet with me regarding my lack of referrals. I have discussed their services with a few...

Trusted Advisor

by | Jun 3, 2012 | General |

CPA’s are considered to be clients most “trusted advisor” and I would have to agree with that.  Within our core services we work as strategic partners that assist to provide solutions to complex problems by integrating knowledge, expertise and resources from multiple...

Debit vs Credit Cards

by | May 31, 2012 | General |

I was meeting with a client today and as usual the conversation went into an odd direction.  We got started on debit cards, now I am not a fan of debit cards.  I dislike the fact that all you funds are at risk.  I prefer using a credit card. She on the other hand was...

Debit vs Credit Cards

by | May 31, 2012 | General |

I was meeting with a client today and as usual the conversation went into an odd direction.  We got started on debit cards, now I am not a fan of debit cards.  I dislike the fact that all you funds are at risk.  I prefer using a credit card. She on the other hand was...

IRS Online payment agreement

by | May 27, 2012 | General |

To expedite the collection process, and my opinion to deal with the IRS budget cuts.  The IRS now has an online payment agreement application. This is shown as a three step process: Determine eligibility:  Owe no more than $50,000 in combined tax, penalties and...

S-Corps and home ownership

by | May 27, 2012 | General |

It seems that the times dictate the questions have had a couple looking at having an S corporation to buy your main home. This has a few tax disadvantages.  First off shareholders cannot claim the home buyer credit on the residence, according to the Tax Court.  They...

IRS Online payment agreement

by | May 27, 2012 | General |

To expedite the collection process, and my opinion to deal with the IRS budget cuts.  The IRS now has an online payment agreement application. This is shown as a three step process: Determine eligibility:  Owe no more than $50,000 in combined tax, penalties and...

Health Care reform and no answers.

by | May 27, 2012 | General |

There are clients who are wondering if their health plan passes muster under the health reform law? Based upon the changes forced upon them by the carriers to the increased costs I tend to doubt it.  But getting the answers from the government is not possible yet. ...

S-Corps and home ownership

by | May 27, 2012 | General |

It seems that the times dictate the questions have had a couple looking at having an S corporation to buy your main home. This has a few tax disadvantages.  First off shareholders cannot claim the home buyer credit on the residence, according to the Tax Court.  They...

Health Care reform and no answers.

by | May 27, 2012 | General |

There are clients who are wondering if their health plan passes muster under the health reform law? Based upon the changes forced upon them by the carriers to the increased costs I tend to doubt it.  But getting the answers from the government is not possible yet. ...

Grave robbing or raising the dead?

by | May 25, 2012 | General |

I have to admit, I did not know that once you die your social security number becomes a matter of public record.  It seems that the Social Security Administration publishes these numbers once someone dies. The government actually sells subscriptions for access to this...

Grave robbing or raising the dead?

by | May 25, 2012 | General |

I have to admit, I did not know that once you die your social security number becomes a matter of public record.  It seems that the Social Security Administration publishes these numbers once someone dies. The government actually sells subscriptions for access to this...

Leap, A Revolution in Creative Business Strategy

by | May 20, 2012 | General |

While listening to a past podcast of “The Age of Persuasion” they were doing book reviews.  One of the books discussed was Leap by Bob Schmetterer. Leap was published in 2003, not too long ago, but the book covers Schmetter’s career that started in the 1970’s and...

Leap, A Revolution in Creative Business Strategy

by | May 20, 2012 | General |

While listening to a past podcast of “The Age of Persuasion” they were doing book reviews.  One of the books discussed was Leap by Bob Schmetterer. Leap was published in 2003, not too long ago, but the book covers Schmetter’s career that started in the 1970’s and...

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