Financial accounting and cost accounting with preparation of SSARS No. 21 financial statements

• Construction
• Government grants
• Manufacturing
• NEW! Robotics
• Professional corporations
• Service companies
• Trusts and estates

US tax compliance

• Corporations
• Managing net operating losses
• Individuals
• Multi-state tax compliance
• Organizations exempt from tax
• Partnerships, limited liability companies and hedge funds
• Startups
• All aspects of corporate life cycle: Formation, growth and stock or asset sale, decline and dissolution
• Tax deferred exchanges: Section 1031 and Section 1033
• Trusts and estates
• Intentionally defective grantor trusts
• Grantor retained annuity trusts

Foreign tax compliance

• Foreign earned income exclusion
• Foreign ownership of US corporation reporting
• Foreign partner withholding
• Foreign subsidiary financial statement translation and reporting
• Foreign tax credit 
• Tax treaty compliance and reporting
• Analysis of engagement in the conduct of a US trade or business [IRC Section 864(c)(3) and Treas. Reg. 1.864-7(a)(2)] and determination of Effectively Connected Income
• Analysis of taxation of transactions by foreign persons involving digitized information pursuant to Treas. Reg. 1.861-18
• Analysis of the application of the Limited Force of Attraction Principle for the conduct of a trade or business in the US
• Determination of Fixed, Determinable and Periodical [FDAP] passive income

Mergers and acquisitions

• Consolidation of subsidiaries
• Controlled group reporting

Tax planning and payroll

• Deferred compensation consulting
• SECURE Act of 2019
• Securing a Strong Retirement Act of 2022 ["SECURE 2.0"]
• Payroll preparation and reporting
• S corporation shareholder salary reasonableness testing
• Social security tax planning

Consulting

• Bookkeeping consulting

        ∞Assessment of  bookkeeping compared to generally accepted accounting principles

        ∞Transition support from bookkeeping to generally accepted accounting principles

• Perpetual inventory system design and management consulting
• Forensic data analysis for expert witness testimony

NEW!

• Planning for the dramatic changes to the Internal Revenue Code when the Tax Cuts and Jobs Act sunsets on December 31, 2025.

My story.

A CPA means many things to many people. The perception of CPAs by business owners is critically important because business owners look to CPAs for explaining seemingly difficult topics in a way that makes sense to them in order to make reasonable decisions.

When information entered into the books of a company is incomplete, inaccurate, inadequate or utilize shortcuts taught on the Internet, answers to critical questions business owners have become out of reach.  This unfortunate situation often leads to incorrect decisions being made which can alter the course of a company and compromise not only the trust required in a professional relationship but also the livelihood and well being of the business owner, the company's employees as well as the continuity of the business itself.

Bookkeeping is by and large an unregulated and unlicensed occupation. This means anyone can call themselves a bookkeeper. Given the recent widespread acceptance of home-based businesses, marketing campaigns have targeted business owners by suggesting bookkeeping products can correctly be used by anyone calling themselves a bookkeeper. However, this is a baseless claim. The misperception of a bookkeeper as being knowledgable and thus adhering to accounting standards has become commonplace and widely accepted because, simply put, there is nothing which prevents this.

Webtaxcpa was begun over two decades ago with the simple idea of preparing financial statements and income tax returns from information provided via email. This has proven to be not only a safe and secure method for sharing confidential information, but it is now a widely accepted common practice. I am grateful for my affiliation with qualified, trained accountants who understand the risks associated with alternative methods being widely advertised.

Webtaxcpa has been and will continue to be a reliable online source for financial and cost accounting as well as taxation.

Attorneys and CPAs work seamlessly together primarily attributable to overlapping client matters involving contracts, trusts, deeds of trust, buy-sell agreements as well as other legal documents. Also, a tax attorney can  represent clients before the IRS as well as the United States Tax Court where litigation is involved. Often CPAs are utilized by attorneys  to provide expert witness testimony in trials in which a CPA  provides  information regarding the accuracy of books and records as well as income tax returns. 

However, at no time may a CPA disclose client confidential information without the permission of a client, except in limited situations where there is a court order or a client initiates a legal proceeding by the client which requires the CPA to defend himself/herself. The rules of evidence generally afford an attorney the same rights whereby breach of confidentiality results in the inadmissibility of evidence.

CPAs are required to adhere to ethical standards of impartiality and objectivity, and attorneys must also assert this principle resulting in CPAs and attorneys having a similar approach in effectively and efficiently resolving client matters. In a nutshell, impartiality and objectivity are essential elements in a professional engagement and are the cornerstone for guaranteeing the equality of all citizens before the law.  Having a CPA and an attorney who adhere to this standard almost certainly guarantees a satisfactory result for the client.

Attorneys and CPAs work seamlessly together primarily attributable to overlapping client matters involving contracts, trusts, deeds of trust, buy-sell agreements as well as other legal documents. Also, a tax attorney can  represent clients before the IRS as well as the United States Tax Court where litigation is involved. Often CPAs are utilized by attorneys  to provide expert witness testimony in trials in which a CPA  provides  information regarding the accuracy of books and records as well as income tax returns. 

However, at no time may a CPA disclose client confidential information without the permission of a client, except in limited situations where there is a court order or a client initiates a legal proceeding by the client which requires the CPA to defend himself/herself. The rules of evidence generally afford an attorney the same rights whereby breach of confidentiality results in the inadmissibility of evidence.

CPAs are required to adhere to ethical standards of impartiality and objectivity, and attorneys must also assert this principle resulting in CPAs and attorneys having a similar approach in effectively and efficiently resolving client matters. In a nutshell, impartiality and objectivity are essential elements in a professional engagement and are the cornerstone for guaranteeing the equality of all citizens before the law.  Having a CPA and an attorney who adhere to this standard almost certainly guarantees a satisfactory result for the client.

Tax topics of general interest

SECURE Act basics for inherited IRAs:

Post 12/31/19 inherited IRAs are required to distributed within 10 years of the date of death.

Exceptions apply for beneficiaries who are not eligible designated beneficiaries:

Surviving spouses

Individuals not more than 10 years younger than the account owner

Chronically ill individuals

Disabled individuals

Minor children

An exception applies to designated beneficiaries, meaning one who is not an eligible designated

beneficiary. Designated beneficiaries can "stretch" inherited IRA RMD (required minimum distributions)

over their lifetime if they are not more than 10 years younger than the account owner