Author Archives: Nick Spoltore, Esq.
Think you don’t need to worry about going concern disclosures because the new FASB rules aren’t in effect yet? Well, we’re encouraging you to think again! Even for those who aren’t implementing ASU 2014-15 early, it is still relevant to discuss going concern disclosures now under existing rules. Going concern is an area […]
Smaller, non-public entities now have that option. Through AICPA’s Financial Reporting Framework for Small and Medium Sized Entities (FRF for SMEs), small entities have a cost beneficial alternative. This special purpose framework will help dodge the ever-changing rules and regulations set by the GAAP. The FRF for SMEs became available in 2013 so the acceptance […]
Senior- level interviews are critical for candidates to demonstrate their skills and abilities. However, carrying out this task without seeming conceited can be challenging for executives with several years of experience. According to Neil McNulty from McNulty Management Group, senior- level candidates often walk into an interview expecting the company to recruit […]
Written by Guy Schmitz J.D., LL.M. Code §183(a) generally disallows any deduction attributable to an activity “not engaged in for profit.” The section prevents those indulging in a hobby from offsetting their hobby losses against taxable income from other sources. See a recent case, Henry J. Metz, et ux. v. Commissioner, TC Memo 2015-54, which […]
With tax season coming to a close, millions of dollars are going unpaid in Texas. Taxpayers owing $100,000-$999,000 in unpaid taxes are going unnoticed due to the short-staffing in revenue agents, revenue officers and criminal investigators. Five thousand fewer positions that go after the millionaire tax cheats have been dissolved in the state, leaving 1,000 […]
President Obama’s 2015 budget proposal includes several items that would affect how individuals are taxed. As you’re preparing last minute taxes for individuals and families this season, take just two minutes out of your day to get ready for questions from your clients about these proposed changes. Under the proposed budget, the following changes […]
“Who are you?” said the Caterpillar. — Alice’s Adventures in Wonderland “Who are you?” is an often-asked question. We may hear it from philosophers, psychiatrists, psychologists, social scientists, Homeland Security, the FBI, the CIA, the NSA, and practitioners. But we will let them tend their gardens while we tend ours. A related question […]
Studying may be one of your least favorite tasks, but having effective study habits is the key to getting the most out of your continuing professional education courses. Check out these five tips to help you effectively retain important information from your CPE classes. Nix multitasking As much as we all would like […]
Written by Guy Schmitz J.D., LL.M. The Code is comprised of over 3.8 million words. A sequence of some of these words gives us bright line tests: a 3-year statute of limitations (generally) for income tax returns; a 90-day letter from the IRS, which is the ticket to the Tax Court—if that ticket is […]
Written by Guy Schmitz J.D., LL.M. Clients know little or nothing about transferee liability. If the need arises, it’s your job to give them advice about transferee liability, assumedly not the kind of advice the taxpayers got in Feldman, et al. v. Comm., 115 AFTR 2d 2015-xxxx (7th Cir. 2015). Feldman The Facts: William […]
