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Industry Headlines

New Scheduled Tax Deadlines Occurring in Calendar Year 2017

Individual tax returns (Forms 1040, 1040NR, 1040A, and 1040EZ) First deadline is April 17, 2017. Extended deadline is October 16, 2017. Partnership returns (Form 1065) First deadline is March 15, 2017 (note change of deadline). Extended deadline is September 15, 2017. Trust and Estate income tax returns […]

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Why do doctors fail to act when it comes to redirecting their no longer functional medical practice business model?

“We’re the consultants; we have a 10 am appointment with the doctor.” “She’ll be here shortly, do you mind waiting in the kitchen?” As we waited I tried to recall the last time I had seen a kitchen in a sole practitioners office, most have already opted […]

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Restaurant Growth, you have one shot at it:
What makes most restaurant expansions fail?

To understand this you must examine how a successful first unit did well: Developed staff that works well together and is appreciated by the patrons. Location – the most mysterious piece of the puzzle. Visibility, reasonable rent, neighbors that compliment your efforts and a land owner that […]

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IRS FAQs clarify changes to offshore voluntary disclosure program and transition rules

In conjunction with its announcement of changes to the offshore voluntary disclosure program (OVDP), IRS has issued a series of revised frequently asked questions (FAQs) providing detailed guidance on the newly revamped program and also issued new FAQs containing transition rules for taxpayers who are currently participating […]

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Supreme Court: Inherited IRAs don’t get Bankruptcy Code protection

Clark v. Rameker, (Sup Ct 6/12/2014) A unanimous Supreme Court has held that inherited IRAs do not qualify for a bankruptcy exemption, i.e., they are not protected from creditors in bankruptcy. Background. Under the Bankruptcy Code, a debtor may exempt amounts that are both (1) “retirement funds,” […]

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IRS announces new Taxpayer Bill of Rights

In a news release, IRS has announced the adoption of a “Taxpayer Bill of Rights” to help taxpayers better understand their rights. In the past, Congress passed multiple pieces of legislation with the title “Taxpayer Bill of Rights.” But National Taxpayer Advocate Nina Olson discovered that most […]

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