CPA Magazine June/July 2012 - Digital Edition

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The Sid Kess Approach

I have had the honor of meeting and shaking the hands of several well-known people over the years. Ronald Reagan, Bill Gates, Walter Cronkite, Michael Dell, George W. Bush, and Sidney Kess all come to mind. While I remember each meeting clearly, the meeting that matters most is Sid Kess. The Sid Kess Approach: 60 Years of Best Practices in Tax, Education,...

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Deduct Your Tax Return Preparation Fees Against Your Business Income

 
Many people cannot deduct their tax return preparation fees because the fees are miscellaneous expenses. Miscellaneous expenses are deductible as itemized deductions to the extent they exceed 2% of your adjusted gross income (AGI). However, if you are in business for yourself, a major portion of your tax return preparation fees may be deductible...

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Checklist: FLP and FLLC Planning

 Introduction
Family limited partnerships and family limited liability companies (collectively, “LLCs”) are the foundation of many client plans. LLCs can provide a myriad of planning benefits for the client:
 
  Management and control benefits (e.g., by naming a manager and successors). Investment benefits (e.g., by consolidating...

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Offers In Compromise Improving

On May 21st, the IRS announced major revisions to the Offer in Compromise program (http://www.irs.gov/newsroom/article/0,,id=257542,00.html). A major impact of such revisions is to enable high-income/low-net-asset individuals a much greater opportunity to resolve their tax debts through the Offer in Compromise (“OIC”) program. Here is why....

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Defending the "hobby loss" Rule with a Business Plan

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Internal Revenue Code Section 183 (Activities Not Engaged in For Profit) limits deductions that can be claimed when an activity is not engaged in for profit. IRC 183 is sometimes referred to as the “hobby loss rule.”
Among the factors the IRS considers when auditing a business that has recurring losses are the following:

1 - Has the taxpayer...

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