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Federal Tax Update – December 2017

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INDIVIDUALS Public Law 115-97, the Tax Cuts and Jobs Act: Reduces all cost of living adjustments throughout the Internal Revenue Code effective 2018 for years thereafter by converting indexing to chained CPI-U (C-CPI-U) which assumes consumers look for substitute items rather than absorb rising prices. Eliminates like-kind exchanges other than for real property effective 2018 […]

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Held Captive: Micro-Captive Insurance in the Aftermath of Avrahami

The IRS recently notched a victory in the much-anticipated Tax Court decision of Avrahami v. Commissioner—the first micro-captive insurance decision to go to press.  The court’s 105-page opinion dealt a blow to the micro-captive insurance industry, which has been under increased IRS scrutiny in recent years.  And with several similar cases still in the pipeline, some have […]

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Federal Tax Update – November 2017

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INDIVIDUALS In Wolens v. Commissioner, TC Memo 2017-236, the Tax Court applied US law to a UK divorce order which was silent on whether spousal payments ceased on the death of the recipient and found that they would continue as a matter of law and, accordingly, denied an alimony deduction (the payor argued unsuccessfully that […]

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Federal Tax Update – October 2017

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INDIVIDUALS Public Law 115-63, the Disaster Tax Relief and Airport and Airway Extension Act of 2017, modifies existing law to provide tax relief to victims of Hurricanes Harvey, Irma and Maria as follows:  Allows casualty losses to be claimed without the 10 percent of adjusted gross income floor as well as by non-itemizers (in their […]

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Federal Tax Update – September 2017

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INDIVIDUALS In Linde v. Commissioner, TC Memo 2017-180, the Tax Court determined that a helicopter pilot in his mid-50s who spent two-thirds of the year working in Iraq and one-third in the United States with his wife and adult children was a bona fide resident of Iraq despite stating his intention to return to the […]

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Creating A LinkedIn Company Page For Your Small Practice

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Unlike Facebook and Twitter which incorporate a gamut of page types — from personal and comedy to news and business — LinkedIn is much more specific, focusing almost entirely of professional networking. This creates a unique social media platform that can be utilized by law and accounting firms to improve their B2B marketing and build […]

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Federal Tax Update – August 2017

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INDIVIDUALS In Lopez v. Commissioner, TC Memo 2017-171, the Tax Court determined that income earned by a child in a beauty pageant is reportable by the child and not by the parents notwithstanding a state law on legal entitlement to the winnings; the parents had attempted to deduct expenses which were ten times the amount […]

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AAA-CPA and Hurricane Harvey Relief Efforts

August 29, 2017 TO:        All Members of American Academy of Attorney-Certified Public Accountants Re:         Hurricane Harvey in Texas and headed to Louisiana Dear Fellow Member: You have undoubtedly been following the reports of the terrible disaster in Houston and the surrounding area caused by Hurricane Harvey and its aftermath.  Many members have contacted us and […]

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The Benefits Of A Dually-Licensed CPA

There are many situations that require the assistance of a skilled financial advisor and even more where professional guidance is beneficial. From improving your credit rating and reducing debt to starting a business or managing real estate, having an experienced accountant you can turn to can save you many headaches in the future. However, selecting […]

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