Tax-aware Investing for the 21st Century
Benjamin Franklin had it right when he said that “In this world nothing is certain but death and taxes.” For investors, it pays to be mindful that it is not only fees that reduce investment returns, but taxes have an impact as well.1 Money managers typically focus on pre-tax investment returns, leaving it to investors … Continue reading
Billing Notices Now Easier to Understand
The Colorado Department of Revenue has made some changes to the look of billing correspondence. Clearer descriptions of what has been reviewed and changed on a tax return are on the first page. Where available, references are made to tax publications for more information. Additional information on how to protest the changes is provided. The … Continue reading
Colorado Department of Revenue Update on Computer Conversion and More
On June 14, CSCPA CEO Mary Medley met with Richard Giardini, Taxpayer Service Division Director with the Colorado Department of Revenue, to discuss the following, ongoing issues Colorado CPAs and their clients are experiencing in the processing of individual tax returns. Many of these issues are related to the Department’s conversion in fall, 2009, to … Continue reading
New “Economic Nexus” in Washington State May Impact Franchisors
The following notice was released by the Washington Department of Revenue. Background Effective June 1, 2010, Washington State’s new economic nexus standard goes into effect. The economic nexus standard may be met without a physical presence in Washington. Under the new economic nexus standard, franchise fees, royalty income, and other income from Washington, could become … Continue reading
Investment Opportunity Amid Tax Uncertainty
One investing rule of thumb says pay no tax before it is due. But the coming shift in tax rates, along with the uncertainty surrounding evolving tax law, may suggest that at least this year, the rule should be revisited. As painful as it may be, prepaying taxes in 2010 could potentially enhance the long-term … Continue reading
Attention Tax Professionals – Issues With Tax Returns
The following notice was released by the Colorado Department of Revenue. The Department of Revenue has noticed some issues with tax returns lately and we would like to remind you of ways to help you get your clients’ returns processed more efficiently. Taxes paid to another state: When e-filing returns with this type of information, … Continue reading
CPA-to-Lender Letters Still a Big Concern
With the number of mortgage applications increasing recently, CAMICO has been receiving more calls from CPAs regarding banks and other lenders pressuring them to render an opinion on the solvency of their clients. The pressure exerted on CPAs by lenders and loan brokers can be considerable. Many CPAs have been informed by brokers that their … Continue reading
IRS Released its Recommendations Regarding Tax Preparer Regulations
In general, the recommendations from the IRS, which will be phased in beginning with the 2011 filing season (not this year), are that: All preparers use a common identification number (a “PTIN” number) All preparers be subject to Circular 230 requirements An education requirement be implemented – CPAs would be exempt from this requirement An … Continue reading
Public Tax Hearing – December 2, 2009
The Colorado Department of Revenue will be conducting a public tax hearing on Wednesday, December 2, 2009 at 1375 Sherman St., Room 127, in Denver, beginning at 9:30 a.m. The following regulations are scheduled to be heard: – Regulation 39-22-121 Child Care Contribution Credit (revised) – Regulation 39-22-514 Historic Property Preservation Credit (revised) To view these regulations please go … Continue reading
AICPA Provides Tax Reform Principles to White House Panel
Barry Melancon, president and CEO of the American Institute of Certified Public Accountants, testifying before the President’s Economic Recovery Advisory Board at the White House October 16, called for comprehensive tax reform and revisions to the alternative minimum tax and estate and gift tax rules. “The dynamic American economy is rebounding slowly and, we believe, … Continue reading
A Balanced Account 