■ CPAs Face Tough Confidentiality Rules. Tough rules restrict CPAs use of tax return information. Treas. Reg. Sec. 301.7216 effective on January 1, 2009. The general rule is that a tax return preparer cannot disclose or use tax return information without first receiving the client’s written consent. So you want to protect yourself from a…
■ S corporation Charades: So your CPA recommended an S corp. instead of an LLC to save payroll taxes. Slick move dude. Like the IRS wouldn’t suspect that. Right? Take a peek at “Report to the Committee on Finance, U.S. Senate TAX GAP Actions Needed to Address Noncompliance with S Corporation Tax Rules.” http://www.gao.gov/new.items/d10195.pdf. Check…
Summary: Benjamin Franklin penned the famous phrase: “In this world nothing can be said to be certain, except death and taxes.” But Ben, smart as he was, couldn’t conceive of our current Congress! Nothing is certain about taxes any longer. (1) Everyone expects tax rates to rise to cover growing deficits, but what form that…
Summary: So the super wealthy can still try to do cool stuff but what about folks that Robin Leach wouldn’t bother with? They can and should still plan, even with uncertainty the rule. Here’s some ideas: √Non-tax planning should lead the way. Don’t let the tax tail wag your dog. Estate and financial planning should…