Accounting Blog Archives - Philadelphia CPA
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Accounting Blog

 You hate IRS penalties; everyone does. I may have explained that I have the IRS’s first-time abatement procedure, which is a valuable tool to defeat IRS penalties. The IRS recently clarified that first-time abatement is truly “first-time”: It applies to only one tax period per taxpayer per...

One of the most common business entity types that is formed today is the limited liability company (LLC). I have many clients that are unsure as to why to form this type of entity and where. Compared to a corporation or sole proprietorship, and LLC...

Every buyer of a small business needs to consider the following 3 issues when purchasing a business"Buy Assets and Not Liabilities. "Asset Purchases" are recommended whereby the buyer acquires the assets of the business only. The assets include goodwill, name, equipment, supplies, inventory, customer lists,...

Roth IRAs can be established and owned by anyone who has earned income and that, of course, includes children. As many savvy investors know, Roth IRAs offer the best tax treatment for investment income in the tax code. I have many clients who establish these...

The "statue of limitations" refers to the period of time when you and the IRS can make changes to your tax returns.Most taxpayers think of the limitation periods as the time frames during which the IRS can audit their returns. The periods for change by...

The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit provides up to $2500 in tax credits on the first $4000 of qualifying educational expenses. This Tax Credit is will be available for the years 2009 through 2017,...