Archive for the ‘Blog’ Category

Elvis should have hired a CPA before he left the building

13/07/17 11:13 am | Comments (0) | Posted By:

Recently I had the delight to visit Graceland, Elvis Presley’s former home and now an excellent place to reflect on Elvis’ life and get taken back in time to the 1970s. There I viewed many of Elvis’ cars including his pink Cadillac, a couple Rolls Royce’s and Mercedes, Lincolns and his Ferrari. His home was just how he left it back in 1977 with ...

“TurboTax Made Me Do It” is not a valid excuse

26/05/17 8:42 am | Comments (0) | Posted By:

On May 11, 2017, the Tax Court issued a Memorandum Decision (TC Memo 2017-79) that addressed, among other things, the Taxpayer arguing that the software “lured” him into claiming too many deductions on his tax return. There were a number of issues on this return that caught the eye of the IRS: alimony paid deduction, interest deduction, and d...

What Can a Reno CPA Do For You or Your Business?

07/11/16 11:33 am | Comments (0) | Posted By:

Reno, Nevada CPAs in the office of Barnard Vogler & Co. can assist individuals in many ways. We offer the traditional CPA services of 1040 preparation and tax planning. More specifically, our Reno CPAs have tax experience with California residency issues, cancellation of debts of recourse and nonrecourse, Chapter 11 bankruptcy tax matters and va...

The “Final-Offer” Arbitration Challenge

19/09/16 11:06 am | Comments (0) | Posted By:

The Harvard Business Review recently published an article outlining an interesting strategy which should make negotiations more civil, speedy and fair. The authors have proposed an approach they call the “final-offer arbitration challenge” for reaching fair agreements efficiently. It works like this. If the other side’s position is unreaso...

To Unplug or Not?

18/06/15 3:09 pm | Comments (0) | Posted By:

  As I get ready to head off on vacation, I ran across a couple of articles on CFOs taking more working vacations. Robert Half Management Resources performed a study as to how often CFOs check in with the office during summer vacation. The percentage of time is increasing from their responses in 2012. It’s so easy now with everyone being so p...

The Wolf Pack Fast Break Golf Challenge – Golf with the Wolf Pack Basketball Players and Coaches

09/07/14 2:20 pm | Comments (0) | Posted By:

  Coach Carter’s Second Annual Fast Break Golf Challenge is one of the most fun preseason events! Last year the efforts of our Host Committee made this a great event with Wolf Pack boosters getting a chance to play golf with the basketball players and coaches. What a great way to get to know these kids and their coaches! This year we are agai...

Reno’s High Home Prices

20/03/14 10:24 am | Comments (0) | Posted By:

I can’t believe how much homes in Reno are going for nowadays! Lately I have been helping a friend look for a home and it appears now close to $300,000 must be spent to afford a starter home (even though the experts say the average price is closer to $250,000, I find this hard to believe). In my recent home viewing experience $300,000 affords a ...

Big Corporations Pay One Third of Statutory Tax Rate

18/07/13 8:00 am | Comments (0) | Posted By:

At the request of Senators Carl Levin (D-Michigan) and Tom Coburn (R-Oklahoma), the Government Accounting Office (GAO) recently conducted a study of the actual tax rates paid by companies that had $10 million or more in assets, a recent article from The Hill has reported. The subsequent report revealed that in 2010 these large, profitable cor...

Adding Children to Joint Bank Accounts – A Do or a Don’t?

20/06/13 8:00 am | Comments (0) | Posted By:

  In an interesting recent article “Your Clients and Their Children: The Problems With Joint Bank Accounts” by Andrew Rice there is a recurring question that pops up during elder and estate planning: should I add my child to my bank account? When a senior begins to lose their ability to manage their finances like paying the bills, these accou...

The “Fiscal Cliff” Bill – What It Means for You

03/01/13 8:00 am | Comments (0) | Posted By:

  When I advised my clients to complete their transactions in 2012, it was apparent that the effects of the actions our elected officials were going to take to avoid the “fiscal cliff” could only have a negative effect on taxes. At the twelfth hour, Mitch McConnell, Republican Senate Minority Leader bypassed Nevada’s own Harry Reid and reache...

The Affordable Care Act: Large Employers Should Consider All Their Options

27/12/12 8:00 am | Comments (0) | Posted By:

  Many large companies are determining how they will handle the changes coming in January 2014 with the Affordable Care Act. For a company who employs 50 or more full-time employees that is already offering health care benefits, one option that I am reading about over and over is: Employers would terminate their current health insurance pl...

The Power of the Purse continues to grow

20/12/12 8:00 am | Comments (0) | Posted By:

It has been known for quite some time that women make up most of the purchasing decision power in households but their increasing presence in the workforce is becoming nearly as significant. According to a recent post by XYZ University, these are a few of their interesting statistics:

  • Women hold the majority of jobs in the US including 51.4%...

Retirement planning – using all your tools

26/07/12 8:00 am | Comments (0) | Posted By:

  In recent years with the uncertainty in the economy and Baby Boomers coming into retirement age, Social Security has been a hot topic.  What is there not to worry about!?  Will it be there when you are ready to retire?  Should you take it early? Should you postpone benefits? A recent article by Dan Kadlec for Time showed that the numb...

Have Tip Income? You Best Report It!

05/07/12 10:53 pm | Comments (1) | Posted By:

  Having lived in Nevada for the majority of my adulthood, I have long been acquainted with tipping. It has gotten to the point where I feel guilty for not putting a dollar in the tip jar at Starbucks for a $2 coffee or at my local sandwich shop. While living in Las Vegas I heard stories of people making thousands of dollars a night as a cock...

Why Aren’t More Companies Moving to Nevada? Apple Is!

28/06/12 8:42 pm | Comments (2) | Posted By:

  A recent article published in the New York Times, highlights how Apple is taking advantage of Nevada’s 0% corporate tax rate. Apple has created a subsidiary for their $100 billion in cash that invests in bonds and other low risk financial instruments. All the interest earned, $2.5 billion since 2006, has been shielded from state income t...

Cloud computing: A whole lot of fluff

14/06/12 9:52 pm | Comments (1) | Posted By:

  As I’m staring at an article in Business Week, I keep searching for the article to explain why my company wants to pay for something we already have. The “cloud” is by definition just a network of computers and the reason they came up with the name is because of the original diagram shape of the internet (a cloud). In the cloud are networks...

THE IRS – AND THEIR FUNDING ISSUES

07/06/12 9:27 pm | Comments (1) | Posted By:

 

So you think you have financial issues?  Just listen to what Nina Olson, National Taxpayer Advocate, has to say about the IRS.  In her annual report to Congress she suggested that the IRS’s increasing workload and declining resources are the most serious problems facing taxpayers.  So how does she connect the dots to conclude that this is a “...

The Top 3 Big IT Trends CFOs and Controllers should know about for 2012

16/04/12 9:35 pm | Comments (0) | Posted By:

If you have a CIO or IT manager who is in the know, you may have already had discussions about the following items. If you manage the IT functions yourself, then read carefully so you don’t miss the boat!

  • The consumerization of IT. No surprise here, consumer technologies like the iPhone and the Droid, tablets, etc. are creeping into the work...

Credit Scores Are Changing, Beware:

16/04/12 9:33 pm | Comments (1) | Posted By:

According to the NY Times, credit scores are getting a facelift. A company called CoreLogic has introduced a new type of credit report which contains additional consumer data than what the traditional credit bureaus (TransUnion, Experian, Equifax) show. Have you missed a rental payment that is now in collections or are you behind on HOA dues...

The Carried Interest Rule Needs to be Abolished

16/04/12 9:31 pm | Comments (0) | Posted By:

There has been much debate recently over Mitt Romney and his paying only 14% of his gross income in taxes in 2010 and still only 17.5% after itemized deductions (see his tax return at http://www.washingtonpost.com/wp-srv/politics/documents/romney-2010-tax-return.html). This is the same percentage of taxes that a single person making only $60,000...

The “Tax Gap”

16/04/12 9:29 pm | Comments (0) | Posted By:

Did you ever wonder how many people do not actually pay their taxes under our “voluntary compliance” system here in the United States? Well, it turns out that the latest IRS estimates show about 15% of the total tax liability owed for 2006 was actually collected. This rate is virtually unchanged from the 2001 compliance rate and amounts to $450...

Employee or Independent Contractor?

16/04/12 9:27 pm | Comments (1) | Posted By:

Washington has recently renewed its interest in worker classification issues, i.e. employee v. independent contractor. In September the IRS and Department of Labor signed a memorandum of understanding to share information regarding worker “misclassification.” The same month the IRS established a new voluntary classification settlement program th...

Protecting Yourself from Identify Theft

16/04/12 9:25 pm | Comments (0) | Posted By:

Let’s assume you are a law-abiding taxpayer but do not get around to filing your return until later in the filing season. Suddenly you are informed that two returns have been filed using the same social security number. Yours! Guess what? Your identity has been stolen.

To avoid having your identity heisted, there are a number of things you shou...