T’was the end of the year and all through the firm, Not a staff person was stressing, not even an intern. The staff they were celebrating today without a care, Knowing that next tax season soon would be there. The partners had nestled in to plan the year ahead. While visions of bonuses danced […]
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Happy Holidays From Surgent!
At Surgent, we decided we wanted to do something special to show our gratitude this holiday season. To show how much we appreciate our customers and speakers, we have made a donation in their honor to The Children’s Hospital of Philadelphia. The Children’s Hospital of Philadelphia (CHOP) strives to provide children and their families […]
Are You Scared to Talk to Your Clients About Charitable Giving?
By Jack Surgent, CPA There is an embarrassing fact that CPAs don’t like to talk about: many of our wealthy closely-held business owner clients give very little to charity. While you may think that this reflects negatively on the character of the client, don’t jump to that conclusion. The truth is that most of […]
Congress Passes Tax Extender Legislation
On Tuesday, the Senate passed a bill that would retroactively extend more than 50 expired tax provisions though 2014. The bill was passed by the House of Representatives on Dec. 3 and is now awaiting a signature from President Barack Obama. Earlier proposals to permanently extend some of the expired provisions or to extend […]
Five Ways to Boost Your Productivity
Sometimes its tough to get going in the morning, and you might see your tasks pile up on you at the end of the day because of a slow start. Here are five simple tips that can help boost your productivity throughout the day. Organize your day the night before Either at the end of […]
Avoiding Malpractice Risk When You “Dabble” In Audits
According to CAIMCO insurance statistics, the average audit claim is around $362,000. The highest loss ratio comes from providers that “dabble” in audits, spending less than 15% of time on that particular service area. What are important steps you can take in order to avoid malpractice risk? Before accepting any engagement, ensure you understand […]
The Adage Is Right. There Really Is No Free Lunch
Written by Guy Schmitz J.D., LL.M. The IRS has decided to look at tax-exempt meals offered by Google (and other companies) to its employees. Once again we have an example of the core of tax law (and all law for that matter): the application of a general principle to specific facts. See below. […]
Recapitalization of a Company—Gift Tax
Written By: Guy Schmitz, J.D., LL.M. Consider advising your clients that all transfers potentially have tax consequences. Clients know that if they sell stock for a purchase price in excess of basis, there will be gain (assuming no offsetting losses). They will recognize quickly (if you tell them) that the transfer of services for money […]
No Groundhog Day This Time?
Written By: Guy Schmitz, J.D., LL.M. Is there anything worse than the Congressional ritual of letting temporary provisions expire and then resuscitating them, nominally retroactively? While the members of Congress undoubtedly trumpet their extender legislation as an accomplishment to save these important tax benefits, the fact was that the taxes that affect decisions on […]