Archive for the ‘Blog’ Category

The Tax Aspects of Disasters like Hurricane Harvey

07/09/17 2:35 pm | Comments (0) | Posted By:

Between Hurricane Harvey, the fast-approaching Hurricane Irma and the various wildfires ravaging the west, unfortunately natural disasters have been all too common this summer. The last thing on anyone’s mind living in those areas is taxes, but nonetheless, there are various tax aspects of a disaster that people should be aware of. Fortunatel...

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 ...

Expecting a Tax Refund in 2017? You Might Have to Wait!

15/12/16 12:17 pm | Comments (0) | Posted By:

On December 9th, 2016, the IRS announced that the 2017 tax filing season will begin on January 23rd, 2017, when it will start accepting electronic tax returns. Per its website, the IRS is expecting more than 153 million individual tax returns to be filed during 2017, some of which will be affected by recent changes in tax law. Specifically, the ...

12 Days of Tax Planning

12/12/16 1:22 pm | Comments (0) | Posted By:

    The 12 days of tax planning countdown- for web

New Tax Deadlines for the 2016 Filing Season

01/12/16 4:54 pm | Comments (0) | Posted By:

With the year coming to an end, it is important to start getting your books in order to have them ready to close, and get a head start on filing your tax return. It is important to know that for the upcoming year, many due dates have changed for 2016 returns, and will be changed going forward. Here are a few of those dates that have changed f...

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...

Bonus Pay Limitation

27/10/16 2:01 pm | Comments (0) | Posted By:

Modern day business is built on constant competition and an ever changing landscape, where CEO’s must take risks to survive. Risk-taking is something that happens in everyday business and those that have good results from the risks are given bonuses. What if the CEO received a bonus from good results in the current year and then 3 years down the...

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...

Cancellation of Debt or Capital Gain?

11/05/16 4:31 pm | Comments (0) | Posted By:

An issue that can still have tax ramifications today, years after the great recession hit Reno, is that of debt forgiveness. If you think that since you never received any cash, debt forgiveness is not taxable, think again! Whenever there is a loan balance that gets reduced in any way, either with debt forgiveness, a foreclosure, a short sale...

Crowd-Funding Tax Implications

20/02/16 12:59 pm | Comments (0) | Posted By:

Fundraising has gone digital. Millions of individuals are now utilizing social media sites such as kickstarter.com and gofundme.com to attract contributors or donations to support their cause. Few, though, are thinking about the income tax ramifications that are created by the crowdfunding environment. Congress and the IRS have not yet ad...

Presidential candidate tax returns show how tax law has changed

27/08/15 3:04 pm | Comments (0) | Posted By:

Like almost all presidential candidates trying to be transparent to their voters, Jeb Bush recently released tax returns dating back to 1981 and going through 2013. I could write the standard blog on how Mr. Bush’s income went from nothing in the 1980’s to topping $1,000,000 for many years in the 90’s, becoming in the low six figures in the 2...

Want to start a family? It helps to be financially prepared!

20/08/15 11:37 am | Comments (0) | Posted By:

When preparing to start a family, it is important to look at your finances, and assess your current financial situation. You are not always in a situation where you can do this, but if you can plan this ahead of time it could help ease some worry to know you are financially prepared. There is no exact amount you need to have saved when preparing...

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...

What Would Happen If Social Security Funds Run Out

15/05/14 9:30 am | Comments (0) | Posted By:

  It’s a little scary to contemplate that Social Security trust funds are projected to be exhausted in the not-too-distant future. But that is the subject recently studied in a 2013 report from the Congressional Research Services (CRS). If the trust funds cannot pay current expenses out of current income or accumulated assets, they are con...

Company Culture – Why Is It Important?

18/04/13 8:00 am | Comments (0) | Posted By:

  Would you normally wake up and want to go to work? Most people would probably answer NO to this question, especially during tax season. Tax season is a stressful time for employees of CPA firms. Does it make a difference if there is a good company culture to help alleviate some of the stress? The workplace should not be something an empl...

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 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%...

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...