That is why we archive all of the articles in our newsletter.  While an article on Roth IRAs may not be useful to you now, it can take on added significance when an unexpected bonus or raise occurs in the future.

Summer 2005

2005 Energy Act - During August, the Energy Tax Incentives Act of 2005 was signed into law.  While most of the provisions will affect energy producers and providers, there are many tax credits and provisions that will have an impact for both our small business clients as well as individual homeowners.

GST Trusts - As we have pointed out in past articles, estate taxes represent the single largest threat to a family's wealth over the course of several generations.  Depending upon the size of your estate and the state in which you live, estate taxes can consume more than half of your family's wealth without proper planning. 

Officer Compensation - A recent Tax Court case outlined a situation we as CPAs see quite often with our clients.   In this case, the taxpayer was the sole shareholder of a professional association (taxed as a corporation) which performed medical services.  

Spring 2005

Related Party Sales - Over the years, we have had the difficult task of bringing many clients down to earth after they had "developed" the perfect plan to rid themselves of a piece of property by selling it at a loss to a relative and thereby gaining a tax deduction. 

Avoiding An Audit - Uh oh!  What starts out as a normal day suddenly becomes dark and foreboding when you open your mailbox and receive a special invitation from your friends at the local IRS office.  If you are like most of our clients, you will immediately call us in a panic at the prospect of having to bare your soul (or more importantly, your finances) to an IRS auditor.

Multi-State Taxation - You have been growing your business patiently and consistently for a few years now and finally you are ready to venture out across your state line.  Of course, if you're wise (which our clients undoubtedly are), you will first investigate the rules for doing business and the tax ramifications of any particular state you are looking into.

Winter 2004-2005

Renting Your Vacation Home - If you have a second home or vacation home that you would like to rent out for part of the year, it can actually be an excellent way to earn additional income and get a nice tax break at the same time.

Determining State Residency - Over the years, many people across the country have been able to lower their tax bill by performing a seemingly simple maneuver - moving. 

Startup Costs - As CPAs and business consultants, we get approached every day it seems by a client or potential client with a new business idea they are investigating.  As we all know, some of those ideas work out and become viable enterprises and some never get off the ground.

Fall 2004

American Jobs Creation Act of 2004 - On Friday, October 22, 2004, the President signed into law the American Jobs Creation Act of 2004 (AJC Act) which contains $145 billion in business tax breaks. 

Working Families Tax Relief Act - On October 4th, the President signed the Working Families Tax Relief Act of 2004 (Families Act). This is a $146 billion tax cut bill for both individuals and businesses that passed with wide majorities in both the House and Senate.  

Executive Compensation - A recent court decision demonstrates once again that the IRS is examining executive compensation with a critical eye and companies with potentially excessive comp packages had better be prepared to defend their position or face disallowed deductions along with penalty and interest.

Summer 2004

IRS Penalties - Pretty much every hour it seems (or perhaps we exaggerate out of frustration), a client calls us in a panic over a tax penalty he or she has been assessed. 

Limited Liability Companies - Over the past few years, we have been receiving more and more inquiries from clients about the procedures involved in setting up a limited liability company (LLC).   

GST Trusts - As we have pointed out in past articles, estate taxes represent the single largest threat to a family's wealth over the course of several generations.  Depending upon the size of your estate and the state in which you live, estate taxes can consume more than half of your family's wealth without proper planning. 

Spring 2004

Non-Qualified Pension Plans - Due to the exploding popularity of tax-deferred 401K plans over the last decade, congress has increasingly made them the target of new rules and limits aimed at stemming the tide of lost revenue the federal government has experienced.

Keogh vs Sep - Many of our clients who leave their previous employment to start their own business often find that a $3,000 IRA account just isn't likely to meet their retirement needs down the road.  There are other options available for self-employed individuals and this article examines a couple of them.

Contract Labor - Your company has just won a major contract and you are anticipating the need for some short term employees to get you through the crunch period.  Since these employees can work out of their home and set their own hours, you decide to pay them as contract laborers instead of placing them on the payroll.

Winter 2003-2004

Qualified Tuition Plans - Due to recent changes in the tax laws, qualified state tuition plans (otherwise known as Section 529 Plans) have exploded in popularity and we are fielding more questions about them than ever before. 

Corporate Check Signing - A CFO was recently ordered to pay $45,000 to a company that brought suit against him personally when the check he signed for his corporation did not clear the bank.  

S Corporation Compensation - We get a number of questions regarding salaries and S corporations. The issue is the payment of FICA. If you take a distribution from the S corporation, no taxes are payable since all the income is already taxed to the shareholders. Take a salary and the income tax consequences are the same. The salary is taxable to you, but it reduces the income of the S corporation, so the net result is a wash.  Except for FICA.