CPA and Accounting White Papers
These white papers from leading CPA experts provide great insight and research on timely relevant CPA topics.
By some accounts, the advent of S corporations in the late 1950s was the most notable revolution in American tax policy since the Revolution. And it's easy to see why: S corporation owners can protect themselves against personal liability and have their income and gains taxed only once, as opposed to the double exposure of C corporations and their owners at the corporate level and again on individual returns.
Many accounting firms regularly network with law firms and host or attend events with a group of attorneys for the purpose of growing each firm's or individual's respective practice. There typically is a good deal of a firm's resources put into these mixers, or networking events, in both hard dollars and time; however, they can be much more cost effective than many other business development and marketing activities with a couple of simple steps. The challenge is how to make these very nice events deliver the results we want. There really are three keys to success.
To elect and continue S corporation status the corporation and its shareholders must meet a number of basic requirements. Under IRC Section 1361, only a "small business corporation" can operate as an S corporation.
A brief review of the new and improved features and tools available for
QuickBooks Pro 2011, QuickBooks Premier 2011,
QuickBooks Enterprise Solutions 11.0
The EGTRRA phased-out the estate and generation-skipping transfer taxes so that they were fully repealed in 2010, and lowered the gift tax rate to 35 percent and increased the gift tax exemption to $1 million for 2010. In 2011 the estate, gift and GST tax exclusion was scheduled to decline to $1 million and the estate, gift and GST tax rate to rise to
55%.
The Senate passed late December 9th the "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" ("Bill") that provides temporary estate, gift and generation skipping transfer tax relief. The Bill‟s objective is, among significant other matters, to address the expiration of significant tax reductions from prior legislation that absent the Bill would result in significant income tax increases, especially with respect to the estate, gift and GST taxes. The prior legislation in issues is for transfer tax purposes the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), including certain modifications contained in the American Recovery and Reinvestment Act. The Bill also addresses expiring tax cuts in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).
Nancy Pelosi stated on December 10 that "in the Caucus today, House Democrats supported a resolution to reject the Senate Republican tax provisions as currently written."
Further compromise and change is possible, perhaps likely. But to quote Fareed Zakaria from a recent CNN interview: "I think, in the end, he'll [President Obama] get through the broad outline of the deal that he's struck with the Republicans. I think that there will be some changes, but I don't think they'll affect the broad outline. At least that's my sense right now." So this might very well be a template for the estate and transfer tax laws for 2010-2012. But, as they say at the end of the television show: "stay tuned."
Form 1099 is a series of forms used in the United States income tax system by the Internal Revenue Service (IRS) to prepare and file an information return under Internal Revenue Code Section (IRC) 6041 – which in plain language states that all persons engaged in a trade or business and making payments to another person of $600 or morein any tax year are required to report these payments to the IRS using an information return.
The goals of a records retention policy are to address the management, storage and destruction of company documents. Documents include paper (including communications, contracts, maps, etc) as well as other media, including photographs, maps, and calendars). In addition, typically the largest volume of company information is contained in electronic form, including emails, word processing documents, faxes, spreadsheets and databases. Many small to mid-size companies, however, do not have uniform procedures and policies for the retention of records. A surprising number of larger companies do not have retention policies or do not have an effective protocol for ensuring compliance with the existing policies.
Save time and money by earning your mandatory California CLE inside this workbook!
In this workbook you will find four need-to-know articles highlighting important issues that impact your industry and the clients you serve. Each article contains a small assessment of 10 questions relating to the article. Download the workbook for free and stay current. You can earn California CLE credit for less than $40/credit hr!
Earn your CLE in 4 easy steps:
1. Read the articles contained in this self-study workbook.
2. Take the short assessment(s) located in the back of the workbook.
3. Mail or fax back your answers along with the order form and payment.
4. Receive credit with a score of 80% or better – We will notify you of your score via email. See full credit information on page 40.
The Estate Planning Update Self Study Workbook allows you to earn up to 4 credits by reading articles on the exciting topics:
1. Asset Protection Basic Primer
2. Trust Beneficiaries
3. S Corporations and Estate Administration
4. Conduit Trusts, Accumulation Trusts, and Trusteed IRAs
Remember - The Estate Planning Update Self Study Workbook is 100% free. You only pay if you desire CLE credit approval.
The quickest and easiest CLE you can earn!