Individual Strategies

Appeal Of Collection Due Process Hearing Wipes Out Most of Liability

Joseph Michael Balint had some really hard luck. He was in prison in Florida from December 17, 2013, through January 6, 2015. Fearful of forfeiting assets, he transferred everything to his wife, Jacqueline, and gave her power of attorney early in his prison term. What he had not planned on was her emptying the retirement accounts and leaving him with the tax tab. His luck turned a bit in Tax Court, as we shall see.

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Think Outside the Tax Box provides tax reduction strategies along with practical implementation advice in order to reduce your clients’ federal tax bill with ease.

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CURRENT EDITION

Avoid IRS Red Flags in Multiple Business Strategies: A Guide for the Wary Tax Business Owner

Dominique Molina, CPA MST CTS

In the labyrinth of tax planning and business structure, the path to protecting your client’s multiple business strategy from the ever-watchful eye of the IRS can be as intricate as a well-played game of chess. However, while the strategic moves might be complex, the rules of the game are quite clear. Today, let’s dissect these rules with a blend of cautionary tales and cheeky wisdom, ensuring your business maneuvers stay sharp and IRS-compliant.

Ever heard of the tax strategy to just “create a new C corporation” and shift income by paying management fees from your main company? Well, so has the IRS, and they are highly skeptical when they see it in the field. The Aspro, Inc. v. Commissioner case serves as a stark reminder for taxpayers about the importance of meticulous documentation and the strict adherence to IRS guidelines for deducting management fees. Aspro, an Iowa-based C corporation in the asphalt-paving business, faced scrutiny over its practice of paying “management fees” to its shareholders, which the IRS and subsequent court rulings reclassified as non-deductible disguised dividends.

The Role of Webinars in Accountants’ Marketing and Sales Efforts

Marie Torossian, CPA

In modern business, accountants face a dual challenge: They must maintain a firm grasp of financial intricacies and regulatory frameworks and navigate the increasingly competitive marketing and sales landscape. As traditional methods evolve, entrepreneurial accountants must leverage innovative marketing tools to bolster their outreach and attract clientele. Webinars have emerged as a powerful medium among these marketing tools, offering a dynamic platform for education, engagement, and lead generation. Herein, I will explore the fundamental role of webinars in accountants’ marketing and sales efforts, shedding light on their benefits, strategies, and best practices.

Navigating the Plagiarism Minefield: Strategies and Solutions for Certified Tax Planners

Garret Wasny, MA, CMC, CITP/FITP

In the AI era, especially with tools like GPT, plagiarism isn’t just copying another’s work, but also presenting AI-generated content as one’s unique thought without understanding or modifying its output. It’s about intent and attribution. If someone blindly takes an AI’s output and presents it as their own, especially in professional or academic settings, it can be considered a form of plagiarism. For certified tax planners, understanding and addressing this nuanced form of plagiarism is crucial for maintaining professional integrity and credibility.