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TO REDUCE TAX?
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An Unconventional Way to Get More Help
Stories about accounting and tax firms having trouble finding help seem to be popping up everywhere . Also, I pick up a lot of chatter about it on #TaxTwitter. It has even invaded my home. The firm that I consult for occasionally has recruited my covivant Evie as a remote preparer. After we withdrew from the boutique practice that capped our careers, she kept her family and friends freebie 1040 practice. Even the freebie practice has grown as the first of ten grandchildren got her first W-2 last year. So when my high school friend called me and told me that his 25 year old son who had gone from a bachelors in something or other to a series of low level food service jobs was contemplating a masters in accounting, I was enthusiastic. For a long time I have held the view that accounting probably gives a young person the best bang for their educational buck. My buddy had a request though that intimidated me. He wanted me to tell the kid what it was like to be an accountant. When I thought about it, I realized I didn’t have much of a clue as to what it is like to be an entry level accountant. I started thinking about what it was like when I started and how irrelevant that experience seems. Nonetheless, I do have an idea that those of you scrambling to find help might want to consider and it arises from my memories of the old days.
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CURRENT EDITION
Will AMT Make a Comeback After OBBBA?
Following Betteridge’s Law of Headlines, the answer to the question posed in the headline is, “no.” Actually — because we’re talking about taxes here — we can say the answer is never so definitive, so let’s change it to “probably not.” But it’s more complicated than it may seem.
Why Citizenship, Residency, and Domicile Matter
If you spend any time in the world of cross-border taxes, you start to notice a pattern: the hardest problems usually begin with a deceptively simple question—who gets to tax you? And the answer is rarely as simple as “the country where I live.” That’s because tax systems don’t rely on just one concept to decide who belongs in their net. They use citizenship, residency, and domicile. These terms sound similar, and people often use them interchangeably in casual conversation, but in tax law they mean very different things. For globally mobile individuals, understanding the difference matters. You can be a U.S. citizen, a tax resident of another country, and still have your long-term home base tied to a different jurisdiction altogether. Each label can trigger different tax consequences, different filing obligations, and different planning opportunities.
Sophisticated EMR Software Meets Old-School Skimming: Lessons From The Aryanpure Case
The simplest way to reduce your taxable income from an S corporation is to take some of the gross receipts directly into your personal account without running them through the corporate books. Don’t mention this to your tax preparer and make sure they don’t find out. If you get caught by the IRS, though, hire an expert to explain why it is your preparer’s fault. This plan did not work all that well for a couple, both physicians, who were running two medical family medical clinics through an S Corporation called MedExpress. They ended up being liable for the fraud penalty which has the collateral effect of extending the statute of limitations indefinitely. At 75% the fraud penalty is as bad as it can get without losing your liberty.
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.
