Category Archive: Accounting

Tax Implications and Incentives for Physician Practices During COVID-19

The rapidly-changing regulatory environment and what this means for physician practices   COVID-19 has changed the way physicians practice medicine. The CARES Act has put forth many provisions for healthcare practitioners to survive. The Trump ...

7 Reasons an External Accounting Services Department Is A Smart Business Move

Learn the 7 reasons why an external accounting service department could be the smartest business move you make for your company this year to calm down a bit of the chaos. Accounting functions are an ...

Top 10 Internal Controls to Mitigate Cybersecurity Risks in the Family Office

Current Cybersecurity Trends “It is estimated that by 2027, global spending on cybersecurity will reach $10 billion. In this age of IoT, where there is no escaping the internet, it is very important to understand ...

Is it Time to Reconsider the Decision to Buy or Lease Equipment?

Given the historically low interest rate environment in which we find ourselves, most business owners in capital intensive industries will be impelled to explore their options when it comes to obtaining new equipment. Whether it’s ...

Family Office Structuring in Light of Lender Ruling

Recent court rulings and tax reform legislation has an impact on family office expense deduction. The lack of definition and bright-line test determining “trade or business activities” means that we must carefully consider the distinct ...

Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known ...

7 traits to look for in a CPA firm

Consider the human lifecycle. No two are exactly alike. We can, however, credit the IRS for imposing at least one trait that unifies us all. That is the expectation that we taxpayers must boil down ...

Does the IRS Call You?

Ring ring, ring ring…. have you ever been asked why aren’t you picking up your phone? Well, in my case it’s because the phone number from which I’m receiving the “call” appears to be following ...

As Proud As I Can Be!

I have always been associated with outstanding professional women. My mother is a CPA.  My wife is an acclaimed family law attorney and former judge.  Our two daughters are accomplished licensed professionals with graduate degrees. ...

TurboTax Made Me Do It

Sometimes you should not do your own brain surgery.  Well, make that almost always.  Actually, I can’t think of an exception.  A recent Tax Court Memorandum reminds us of the perils of taking on complicated ...

Hey Vance, Can I Deduct the Costs of my MBA?

On occasion, I am asked if a taxpayer can deduct the costs of graduate education.  I consulted with a client about deducting the costs of his MBA as recently as a month ago.  I confidently ...

Alternative Investments in IRAs – Part II: Be Creative

WARNING:  Do not try the following strategy unless, at least: -Your daddy built a big company that exports products -You have the nerve to battle the IRS for many years -You have creative and careful ...