Michael Blitstein

Accounting
IRS
IRS audits
linkedin
CJBS
by Michael W. Blitstein, CPA Just released IRS audit coverage statistics show a slight increase in audits of partnerships, but decreases in audits of large corporations and S corporations in fiscal year (FY) 2014. For all types of businesses, the FY 2014 audit coverage rate was 0.57%, representing a decline from 0.71% in FY 2012 […]
March 12, 2015
2 MIN READ
Accounting
IRS
linkedin
Tax deductions
Tax legislation
Taxes
Vehicle depreciation
CJBS
by Michael W. Blitstein, CPA The IRS has released the inflation-adjusted limitations on depreciation deductions for business use passenger automobiles, light trucks, and vans first placed in service during calendar year 2015. The IRS also modified the 2014 limitations to reflect passage of the Tax Increase Prevention Act of 2014 late last year. At the […]
February 18, 2015
2 MIN READ
Accounting
Affordable Care Act
Economy
Financial Planning
IRS
linkedin
Retirement Planning
Tax deductions
Tax legislation
Taxes
Tax reform
CJBS
by Michael W. Blitstein, CPA 2014 was a notable year for tax developments on a number of fronts. Selecting the top tax developments for 2014 requires judgment calls based upon uniqueness, taxpayers affected, and forward looking impact on 2015 and beyond. With respect to David Letterman, the following list of 2014 tax developments reflects this […]
February 10, 2015
4 MIN READ
539 College Savings Plans
Economy
Financial Planning
linkedin
Tax deductions
Tax legislation
Taxes
CJBS
by Michael W. Blitstein, CPA Representatives Lynn Jenkins (R-Kansas), and Ron Kind (D-Wisconsin), introduced legislation that would expand and strengthen tax-free Section 529 college savings plans. The bipartisan measure stands in stark contrast to President Obama’s proposal to end the program, which the administration outlined earlier and was referred to in the president’s State of […]
January 28, 2015
2 MIN READ
Accounting
Economy
Financial Planning
linkedin
Personal tax returns
Retirement Planning
Tax deductions
Tax legislation
Taxes
Capital gains tax
CJBS
by Michael W. Blitstein, CPA It’s never been easy to navigate the various tax consequences of buying and selling securities and investments. Among the many obstacles investors need to consider in 2014 is the relatively new net investment income tax (“NIIT”). This 3.8% tax may apply to your net investment income if your income exceeds […]
October 14, 2014
4 MIN READ
Accounting
Economy
linkedin
Tax deductions
Tax legislation
tax credits
CJBS
by Michael W. Blitstein, CPA Married couples with children would no longer face a tax penalty when claiming the child tax credit under a House bill passed on July 25, 2014. House lawmakers voted 237 to 173 to approve the Child Tax Credit Improvement Bill of 2014.  The bill would eliminate the marriage penalty in […]
July 30, 2014
2 MIN READ