Member Since: Apr 22nd 2020
Mar 27th 2021
Nice article. I'm surprised more people don't take advantage of this (QCDs), especially with the very high standard deductions in effect (and even higher for seniors).
Feb 3rd 2021
Nice article as usual. I was glad to see the comment about not considering Central/South America or Eastern Europe. Or Southeast Asia, which seems to be "in fashion" at the moment.
I think the expat lifestyle is a terrible idea. You can live very cheaply in many areas of the US, and you are dealing with a known quantity. People's romantic ideas of the expat lifestyle may be quickly shattered when they experience rampant corruption, terrible infrastructure, culture shock, etc.
There's a good reason many people are literally dying to get into the USA.
Dec 22nd 2020
Nice article. A common issue I see with S-corps is the shareholders not taking sufficient (or any) salary, as SE medical is limited to wages for s-corp shareholders. In the past I've had clients lose out on hefty medical insurance deductions, as they had no wages to claim SE medical deduction, but had to claim it all on Sch. A instead, where it usually died.
Dec 20th 2020
You present statistics that women and minorities are underrepresented in business in general and accountancy in particular. Do you have evidence that firms with more diversity outearn and outperform firms with less diversity.
Dec 5th 2020
Wasn't there a case where a tax attorney tried to deduct payments to hookers as necessary business expenses for "stress relief"? With predictable results (regarding tax matters that is, I'd imagine he achieved his goals of R&R).
Dec 5th 2020
Nice article, Craig. I was working from home 3-4 days per week pre-COVID, as the vast majority of my clients prefer to communicate by cell/text/email/portal. Works for me! I predict a major collapse in commercial real estate in the coming years!
Nov 23rd 2020
They should have just said forgiven loans are grants(income) and you may deduct the eligible expenses, a wash. What if, in fact, I want to do just that? For now I've been showing PPP Proceeds as an Other Income item on the P&L, and deducting wages and eligible expenses in full. I prefer to do this, so wages and payroll taxes reconcile to the payroll reports (W2s, 941s etc).
Nov 5th 2020
Very informative article on an area I'm relatively weak in. Regarding item #2, as I recall one may also make direct contributions for higher education and medical bills without regard to the $15k annual limit and still not need to file a gift tax return.
Oct 18th 2020
These endless articles on "diversity" and "inclusiveness" are tiresome and come across as virtue-signalling. BLM is no longer about "social justice" (it really never was) and their members have moved on from caring about George Floyd (if they ever really did, many minority owned business have been looted and burned). How about more focus on technically oriented articles? If we reach the point where minorities become the majority, I'll be curious to see how much they value diversity. Perhaps when you're out of a job, Ms. Lombardo, the answer will be clear. Locally, I'm seeing this with Indian casinos, where whites are being fired for petty reasons (or no reason) with no recourse.
Aug 6th 2020
You lose credibility when you bring BLM into the discussion. They are a Marxist terrorist organization, despite their benign sounding name. They are openly anti-capitalist and would just as soon burn down an accounting office than apply for a job at one. Let's not be naive here.