Tax Feed

Form 1040 income tax return

The AICPA provides tax practice tools to help members elevate their practices and maintain the highest ethical standards. The AICPA also advocates sound tax policy and effective tax administration.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

3 Tips to Find Your Professional True North

CompassFinding your professional true north, a path you can be passionate about and one that will provide you with direction in the future, is attainable – when you have the right navigation. Whether it is honing your personal skill set, positioning your practice for growth or transforming your organization’s technology infrastructure, it is important that you be the navigator. There are endless possibilities to explore, pursue, master and achieve, and it is important you arrive exactly where you want to go.

Keep in mind that finding your way often means asking for directions and talking with others who have already arrived at your desired destination. They can tell you what is not on the map and the best roads to follow to enhance the quality of your journey. Here are three quick tips to find your professional true north:

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In the News: It’s Never too Early to Think About Taxes

ReceiptsThe deadline to file your 2013 taxes – or file for an extension – passed earlier this week. What’s the significance of that? It’s time to think about planning for the 2014 filing season.

As many CPAs will tell you – taxes are something to consider year round. And one of the best ways to ensure that you are best positioned to pay no more than you owe is by being meticulously organized throughout the year. Enterpreneur.com recently posted an article suggesting some technology tools that will keep you organized in advance of next tax season – and no, a shoebox to hold all your receipts is not one of them.

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Tax Planning is a Critical Factor in Financial Planning

Financial-planning-consultationCongratulations on making it through another tax season! From those long hours, including rigorous reviews and meetings with clients, you’ve gained unique insight into their lives—insight into their incomes, spending habits, investments and life events. Income tax planning and estate planning elements have become a more critical part of overall personal financial planning with the enactment of the American Taxpayer Relief Act of 2012 and the Net Investment Income Tax. While reviewing those 1040s, you are able to envision potential tax impacts of financial decisions and begin considering tax planning strategies for your clients, which broadens your relationship. This is a great first step in helping them meet their overall financial planning needs, including making estate, retirement, investment and risk management planning decisions to move them toward their long term goals.

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Confessions of a Tax Season Junkie

Dancing-womanAs I shot up in bed last night in a cold sweat, I realized that a nightmare must have interrupted my peaceful night’s sleep. Waking up during tax season in a panic was pretty common during my over 20 years in public accounting, but why now? As a recent convert from tax practice, this spring is the first one since the early ‘90s that I am not preparing tax returns.

After some reflection, I discovered my dream was, in fact, about tax returns: phones ringing, emails and all of the anxiety-causing triggers for CPAs during tax season. Having sold my practice after last tax season, the only tax return I have to worry about is my own, so what was my trigger? 

I realized that the source of my anxiety was a recent project where I had to draw on my prior tax season experiences. I was preparing for the AICPA’s Tax Power Hour webcast on managing tax season burnout. To truly empathize with the participants, I mentally placed myself back at my old office during the height of tax season. I could hear the phones ringing and the postage machine humming, I could smell the hot printers being overused, and I remembered the sight of peers walking into my office to ask a “quick question.”  The experience was so real for me that I actually felt the urge to pick up my computer and hurl it at the wall.

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Depletion Deductions for Landowners Receiving Gas Royalties

Natural-gasIt is filing season and landowners receiving natural gas royalty payments may be shocked by their tax liability if they have not been planning with their CPAs. Landowners who sign a lease with a gas company own a royalty interest. When royalty income is received, the landowner is entitled to depletion. Similar to depreciation, depletion is the cost recovery of a natural resource and, in the case of royalty owners, natural gas. It is provided for by IRC §611 and the rules governing it are IRC § 613 and 613A.

The Internal Revenue Service provides for two methods:

  1. Cost depletion - allows the taxpayer a deduction based on the ratio of units sold to the number of units available at the end of the year plus the units sold during the year. 
  2. Percentage depletion - allows the taxpayer a deduction based on the gross income of the gas producing property.

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