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Preparing income tax returns is a very important service offered by your CPA.  However, your accountant can offer many other professional services.   Not only should your accountant understand the myriad of current income tax laws, they should have access to knowledge that will assist you in areas such as estate planning, and inheritance laws.  Your accountant can also be a source of information with regard to technology.  Many accountants offer business valuation services and litigation support. 


October 24, 2014

Many individuals with a higher income may be subject to the Alternative Minimum Tax (AMT). AMT is a parallel tax calculation to the regular tax. It was designed to ensure that taxpayers who take a large number of tax preference deductions pay a minimum amount of tax on their income. It is mandatory if it exceeds the regular tax.

So how is the AMT different from regular Income tax? The answer is in many ways:

October 16, 2014

For 12 years Windows XP was an extremely popular operating system especially in businesses. Although the operating system was popular, Microsoft discontinued support in April of 2014. You may ask why this is a concern. The main concern is that Windows XP still holds nearly 25% of the operating system market share. 

October 07, 2014

The IRS has had numerous complaints from taxpayers stating that they have been receiving phony phone calls from IRS agents.  The call seems very real as the scam artist will use false names and fake IRS identification badge numbers to try to trick you into providing information about yourself or business.  They have also been known to leave bogus messages stating “If you do not call back with 24 hours, a warrant for your arrest will be issued.”  These phone calls have been noted in every part of the country and are not targeting a specific region or specific indiv

October 02, 2014

On December 26, 2013, the Office of Management and Budget (OMB) Issued Uniform Grant Guidance. The Uniform Guidance combined eight previously separate sets of OMB guidance into one. OMB has eliminated about 80 pages of overlapping duplicative and conflicting provisions of guidance that were developed separately over many years.

Non-federal entities will need to implement the new administrative requirements and Cost Principles for all new federal awards made after December 26, 2014.


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