Decoding The Code

The Imitation Game is the critically acclaimed story of Alan Turing, a British mathematician who is widely credited as being the father of computer science and artificial intelligence. Benedict Cumberbatch plays Turing, whose work in cracking Nazi Germany’s “ENIGMA” code helped lift the Allies to victory in World War II. Seventy years later, retiring Senator Tom Coburn (R-OK) has picked up the code-breaking bug. But Coburn has decided to take on something even more twisted and fiendish than Nazi ciphers. That’s right — he’s just issued a 312-page “Tax Decoder” taking on our tax system. (Read it at your peril
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Interview With Diane Gardner by the M&A Journey

Diane and Jim talk about Diane’s M&A journey …. from the mistakes she made selling her accounting practice in California to the wise choices she made when buying an accounting practice in Idaho.   Main Questions Asked: What made you want to sell? Were you thinking about an exit when you started your firm in CA? How did you determine valuation? Were you thinking about an exit when you bought your new business? How did you determine your valuation when you bought out your partner in Idaho? Are systems the essence of what have done to prepare yourself to sell
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Delay Paying Taxes With A Like-Kind Exchange

Sitting on a piece of investment property that you would like to sell? By structuring the transaction as a tax-deferred exchange, you can delay paying taxes on the full amount of the gain realized. Also known as a “like-kind exchange” or a “1031 exchange,” these transactions are only available for investment or business assets. Certain types of assets don’t qualify for a tax-deferred exchange, including inventory, accounts receivable, stocks and bonds, and your personal residence. Keep in mind, too, that the like-kind exchange rules only defer the tax. Any gain will be recognized upon a taxable disposition of the replacement
Read More

Planning Can Save Your Vacation Home Tax Deductions

You can enjoy a vacation home and cut your taxes – with some careful planning and a little discipline. The IRS rules can be complex and potentially restrictive, so a word of caution is in order as you plan the use of your vacation home. Owners of vacation homes often rent out the property when they’re not using it themselves. Renting out your vacation home may or may not make sense for you. The principal variables are the number of days you rent the property, the number of days of personal use, your individual tax situation, and your personal wishes
Read More

Nonprofit Organizations May Have Tax Obligations

If you’re an officer or on the board of a community organization, you may wonder about the tax requirements that apply to your group. Generally, an organization will not owe taxes if two things are true: * It has registered as an exempt nonprofit organization with the IRS, and * It has no business income from activities unrelated to its exempt purpose. Registration is quite straightforward. The IRS grants exempt status to groups organized for charitable or mutual benefit purposes. You must submit your application within the first 15 months of the group’s existence. The package consists of an application
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Decoding The Code

The Imitation Game is the critically acclaimed story of Alan Turing, a British mathematician who is widely credited as being the father of computer science and artificial intelligence. Benedict Cumberbatch plays Turing, whose work in cracking Nazi Germany’s “ENIGMA” code helped lift the Allies to victory in World War II. Seventy years later, retiring Senator Tom Coburn (R-OK) has picked up the code-breaking bug. But Coburn has decided to take on something even more twisted and fiendish than Nazi ciphers. That’s right — he’s just issued a 312-page “Tax Decoder” taking on our tax system. (Read it at your peril
Read More

Interview With Diane Gardner by the M&A Journey

Diane and Jim talk about Diane’s M&A journey …. from the mistakes she made selling her accounting practice in California to the wise choices she made when buying an accounting practice in Idaho.   Main Questions Asked: What made you want to sell? Were you thinking about an exit when you started your firm in CA? How did you determine valuation? Were you thinking about an exit when you bought your new business? How did you determine your valuation when you bought out your partner in Idaho? Are systems the essence of what have done to prepare yourself to sell
Read More

Delay Paying Taxes With A Like-Kind Exchange

Sitting on a piece of investment property that you would like to sell? By structuring the transaction as a tax-deferred exchange, you can delay paying taxes on the full amount of the gain realized. Also known as a “like-kind exchange” or a “1031 exchange,” these transactions are only available for investment or business assets. Certain types of assets don’t qualify for a tax-deferred exchange, including inventory, accounts receivable, stocks and bonds, and your personal residence. Keep in mind, too, that the like-kind exchange rules only defer the tax. Any gain will be recognized upon a taxable disposition of the replacement
Read More

Planning Can Save Your Vacation Home Tax Deductions

You can enjoy a vacation home and cut your taxes – with some careful planning and a little discipline. The IRS rules can be complex and potentially restrictive, so a word of caution is in order as you plan the use of your vacation home. Owners of vacation homes often rent out the property when they’re not using it themselves. Renting out your vacation home may or may not make sense for you. The principal variables are the number of days you rent the property, the number of days of personal use, your individual tax situation, and your personal wishes
Read More

Nonprofit Organizations May Have Tax Obligations

If you’re an officer or on the board of a community organization, you may wonder about the tax requirements that apply to your group. Generally, an organization will not owe taxes if two things are true: * It has registered as an exempt nonprofit organization with the IRS, and * It has no business income from activities unrelated to its exempt purpose. Registration is quite straightforward. The IRS grants exempt status to groups organized for charitable or mutual benefit purposes. You must submit your application within the first 15 months of the group’s existence. The package consists of an application
Read More

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Categories