More Preparation Needed for Accounting’s Perfect Storm

Do Not Let Habitual Complacency Reduce Your Readiness By William F. O’Brien, MBA, CPA Executive Education, Inc. According to Wikipedia, a perfect storm is a rare combination of circumstances that drastically aggravates a situation.  While the storm’s intensity has somewhat abated, the accounting profession still is facing a storm which could significantly alter many company’s … Continue reading

Fraud: The 15 Biggest Risks for 2013

(Excerpt from full article) by Gary Zeune, CPA, Managing Director, The Pros & The Cons Most risk is not in the accounting records. Why not? Because the vast majority of our work as CPAs involves monetizing and measuring activities that have already occurred. So the risk starts before we do our job. Think recording sales, … Continue reading

Using LLCs for the Farm Operating Entity

Background We recognize that there are a great variety of structures and entities used for farming businesses. A common pattern is to retain the land in individual ownership, and lease that real estate to an entity that holds the operating assets (grain, livestock and machinery). If properly structured, the entity provides liability protection for the … Continue reading

I See It! The Clarified Auditing Standards

Have you ever gazed at the stars and wondered what’s out there, and if something is out there, will it ever visit us?  Well, this may not be what you or the Mayans were thinking about, but in December, the auditing world will be invaded by a large mass of new clarified auditing standards.  While … Continue reading

Exchanges of Oil, Gas, and Mineral Interests

Oil, gas and mineral interests are real estate interests which qualify for a like-kind exchange with any other qualifying real estate interest including: A fee interest in real estate Fractional ownership interests 30+ year leasehold interests Other oil, gas and mineral interests Conservation easements Transferable development rights Right-of-way easements Water rights  Mutual irrigation ditch stock … Continue reading

1031 Exchanges Apply to More than Real Estate

By Larry Jensen Whenever the phrase “1031 Exchange” comes up, most of us automatically think of exchanges of real estate since this is the most common type. However, 1031 exchanges are much broader than real estate and the Section 1031 rules apply to many different types of transactions described below. Like-Kind Real Estate. Qualifying “real … Continue reading

April Deadline Fix in the Works – Your Support Requested

Rep. Brian DelGrosso (R-Loveland) and Sen. Cheri Jahn (D-Wheat Ridge) are sponsoring House Bill 11-1260, “concerning the due date for tax installment payments when the due date falls on a legal federal holiday.” The bill specifies that if the due date of any tax installment payment falls on a legal federal holiday, the due date … Continue reading

Tax Return Preparers Must Use IRS e-file Beginning Jan. 1, 2011

A new law requires many paid tax return preparers to electronically file federal income tax returns prepared and filed for individuals, trusts, and estates starting Jan. 1, 2011. The e-file requirement will be phased in over two years. As a result of the new rules, preparers will be required to start using IRS e-file beginning: … Continue reading

PTIN Registration Requirement for All Return Preparers

The IRS recently launched a new online application system to obtain a Preparer Tax Identification Number (PTIN). All paid tax return preparers who prepare all or substantially all of a tax return are required to use the new registration system to obtain a PTIN. Individuals who obtained a PTIN prior to Sept. 28, 2010, need … Continue reading

Income Tax Filing Deadline Changed for 2011

According to the Colorado Department of Revenue the filing date for income tax returns due in 2011 will be Monday, April 18, 2011 rather than Friday, April 15, 2011. District of Columbia Emancipation Day is a legal holiday for federal tax purposes, and it will be celebrated on April 15 this year. The IRS will … Continue reading