mike

How to Reach a Human Being at the IRS Due to budget cuts reaching a human being at the IRS has become even more difficult. But sometimes even seasoned tax professionals need to speak to a person to resolve a…

S Corporation Distribution vs. Salary Question: What are your thoughts/experiences about classifying S Corporation owner income as salary vs. S corporation distributions to save Medicare taxes? Is there a rule of thumb, formula or other insight on this issue about…

Valuing a Services Company Question: Is there a general range of how many multiples of earnings a service company is worth?  I’m hearing between 1.5 and 2 times revenue is very basic and fair usually. Answer: It depends first on…

The Ten Commandments of Being a Successful Entrepreneur 1. Thou shalt be profitable and have cash. Cash is King. So make such you put in place policies and procedures that keeps cash flowing. Those include timely invoicing, timely collection practices,…

The Ten Commandments for Running a Public Company 1. Thou Shalt Have A Sound Ethical Compass. If the boss’s values are undemanding, the company’s will also be wobbly. That may not put it out of business, but it means the…

IRS Sending Warning Letters to More Than 10,000 Cryptocurrency Holders The Internal Revenue Service announced recently that it began sending “educational letters” to taxpayers who own virtual currencies, such as Bitcoin and Ethereum. More than 10,000 taxpayers are expected to…

Are Fees Paid to Ancestry Services Tax Deductible? Recent IRS Ruling with 23andMe Says “In Certain Instances”. Recently the Internal Revenue Service issued a ruling allowing taxpayers to use a tax-advantaged flexible spending account to pay for the medical portion…

With Taxes, Sometimes Staying Single Can Result in Lower Taxes Than Getting Married Being married is often more expensive than being two single filers come tax time. These marriage penalties, as they’re called, prompt some committed couples to leave the knot…

PCAOB Requires Large Accelerated Filers to Disclose Critical Audit Matters in Auditor Report Beginning with fiscal years ending on or after June 30, 2019, public companies that are large accelerated filers will be required to disclose critical audit matters in…

House Unanimously Approves LGBTQ Fix to Tax Code The House of Representatives has approved the Promoting Respect for Individuals’ Dignity and Equality (PRIDE) Act of 2019. The bill will allow same-sex couples who married before the Defense of Marriage Act…