LOOKING FOR LEGAL WAYS
TO REDUCE TAX?
New tax reduction strategies carefully explained and exhaustively researched every two weeks. Receive breaking news updates on tax law changes. Members only monthly AMA with TOTTB.tax.
WE PUBLISH TAX STRATEGIES FOR…
FEATURED CONTENT
Just Good Business: What to Consider When Choosing an Entity
It’s every tax professional’s favorite answer to the question “How is your business organized?” “I have an LLC.” It’s the non-answer answer. Unfortunately for many clients and practitioners, clients often decide to form an LLC for no reason other than “they said I should” and more often cannot provide a good answer when the practitioner asks, “Who is ‘they?” Ideally, small business clients should consult both an attorney and a tax professional when deciding to form a business entity under state law. Because while state law governs entity formation and many aspects of entity administrative compliance, federal and state tax law determines which tax returns you need to file and which tax laws apply to the entity. It is just good business to make a mindful, proactive choice when choosing a type of business entity. Making a conscientious choice means asking the right questions. And when choosing a business entity, asking the right questions means asking questions about matters other than simply tax considerations.
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CURRENT EDITION
Kovel: Attorney-Client Privilege for Tax Professionals
Twice in my four-decade career, two special agents from IRS Criminal Investigation (CI) entered my office armed with a search warrant, firearms at their side. In both cases, it started the same way.
Gone Phishing: Don’t Get Scammers Catch You!
Today’s criminals are using more than hooks and lines (more like huge trawling nets), and they are looking for small as well as really big fish. If you think your tax practice is too small to be a target, you’re wrong. And you probably know that. You are probably well aware of the phishing and smishing (using SMS/text messaging) attempts that try to gain access to your firm’s computers and/or computer network.
Data Security: Understanding Your Responsibilities
Are you aware of your responsibilities when it comes to securing data? Do you know what your software vendor is doing with your data—and, more importantly, your client’s data? Signing up for a new service or software is often done without any thought of the consequences to the data that you are legally required to protect. The average tax professional uses many different types of software and services when working with a client. Many tax pros are unaware that this often requires consent to be obtained prior to using their client’s information and that failure to do so can result in significant fines and even criminal penalties.
SIMPLIFIED TAX STRATEGIES &
PRACTICAL IMPLEMENTATION
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.
