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IRS Releases New Deductible Mileage Rates

by Matthew Bergman, CPA The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2012 standard mileage rate remains at 55.5 cents per mile for […]
December 13, 2011
1 MIN READ
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S Corporation Stockholder-Employee Compensation

by Michael W. Blitstein, CPA  S corporation stockholder-employees and their tax advisers often find themselves with conflicting goals when setting the stockholder-employee’s compensation. Typically, the stockholder-employee prefers to minimize compensation in favor of distributions to reduce payroll taxes. Tax advisers, however, are faced with a body of governing authority providing that the stockholder-employee cannot avoid […]
August 16, 2011
6 MIN READ
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IRS Increases Mileage Rate to 55.5 Cents per Mile

by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The Internal Revenue Service recently announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents […]
July 5, 2011
2 MIN READ
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Fixing Our Country’s Economic Problems Requires a Change in Our Tax System

by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The income tax system that we grew up with is suffering from dementia; it forgot that the purpose of taxation is to fairly tax individuals and businesses to support the funding of government services. Today, highly paid tax attorneys are retained to influence Congress to provide loop holes in […]
June 21, 2011
7 MIN READ
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AICPA’s Proposal for Pass-Through Entity Tax Deadlines: A Tier or Two Away From Practicality

By: Donald J. Schaffer, CPA/ABV, CVA In recent years taxpayers and their accountants have been pushed later and later in their tax filings due to the delinquent receipt of Forms K-1 from their investments in partnerships.  In may cases the forms are received only days before filing deadlines, resulting in delinquent returns or costly amendments. […]
February 12, 2010
4 MIN READ
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THE LIMITED LIABILITY COMPANY STRUCTURE: IS IT HEAVEN OR HELL?

By: Larry Goldsmith, J.D., C.P.A., C.F.F.A. The limited liability company, or “LLC”, was first introduced in the State of Illinois in 1994 and is now well known and accepted in the market place and amongst professionals. Created to be a combination of a partnership and a corporation, the LLC grants its investors/equity holders, (known as […]
July 24, 2008
4 MIN READ
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