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 […]
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Last Minute Tax Season Considerations
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 […]
Self Study vs. Webinars: What’s the difference?
Surgent offers both webinar and self-study continuing professional education courses. At the end of the day, choosing webinars or self-study comes down to personal preference. Here are a few key differences between the two to help you decide which might work better for your studying preference.
5 April CPE Courses You Can’t Miss
This year, we’re offering hundreds of webinars and self study CPE courses to help you fulfill all your continuing education requirements. Check out a few of our most popular courses being offered in April. Surgent’s Ethical Considerations for the CPA (ETHC) Date: April 2 from 1:30p.m.-5:00 p.m. EDT Credits: 4 Presenter: Jay Glannantonio, MBA, MS, […]
Five Tips to Get the Most Out of Your CPE Courses
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 […]
Four Tips to Fit CPE Into Your Busy Schedule
Fitting continuing professional education requirements into your already jam-packed schedule with clients can be a challenge. Luckily, there are a few easy ways you can fit your CPE courses in your already busy schedule without bogging down your day. Spread it out Avoid the last-minute crunch to meet your CPE deadlines and schedule them out […]
The Vocabulary Lesson
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 […]
How much time do you REALLY need to study for the CPA Exam?
When deciding how much time you should spend studying for the CPA exam, there a three things to consider: your academic background, how long you have been out of college and the type of work experience you have. All of these will factor in when you’re creating your study plan. But how do you know […]
FASB issues ASU: Amendments to the Consolidation Analysis Explained
On February 18, the Financial Accounting Standards Board (FASB) issued the Accounting Standards Update (ASU) No. 2015-02. This update was designed to improve certain areas of consolidation guidance for reporting organizations that are required to evaluate consolidating certain legal entities. This update applies to public, private and not-for-profit corporations when deciding if they should consolidate […]
Limited Liability Companies Electing Status as S Corporations: The Unstable Hybrid
Written by Guy Schmitz J.D., LL.M. When advising on choice of entity, practitioners will sometimes recommend that a client form a limited liability company, which then elects to be taxed as an S corporation. There are good reasons for this recommendation, all touching upon state taxation. Whether the federal election is automatic at the […]