Navigating the Tax Jungle

By Jeff England

Helping you navigate through the jungle of taxation.... more

· Business

2.1

1818 ratings

Download on the App Store

Download on the App Store

Get it on Google Play

FAQs about Navigating the Tax Jungle:

How many episodes does Navigating the Tax Jungle have?

The podcast currently has 285 episodes available.

Navigating the Tax Jungle episodes:

October 08, 2015 124 Starting a Tax and Accounting Practice
In this episode, I discuss the first steps to what you should consider when starting a tax and accounting practice.
You should consider
1. Know what's is required for licensing
What does the state and local authorities, accountancy boards, and CPA societies require to start a tax and accounting practice.
2. Office Location - Are you going to work from your home or have a physical location.
3. Experience - What type of experience do you have with working in tax and accounting services?
4. Educational requirements - As a CPA, you need to minimum requirements to sit and pass the CPA exam.
5. Clients - What type of client do want to serve? Do you want to prepare corporate, partnership, individuals, non-profits returns and forms?
6. Advertising - To expand your business, you will need to network, get client referrals, attending meetings and conferences.
7. Software - What type of software do you want to use in your practice? Quickbooks, Ultratax, CCH, Pro-Series, There are many choices.
8. Additional licensing and zoning requirements
While there many other items to consider in starting an accounting and tax practice, these are top eight items to consider when starting a tax and accounting practice.
...more
10min
September 29, 2015 123 What to Know When Purchasing an Accounting or CPA Practice
In this week's episode, I discuss:

Federal Tax Update:

Is it too late for tax planning this year?

Internet access sales tax ban sets up December sales tax battle for sales tax on internet access

The tax code explained.....no it's not 70K pages

2015 tax season was miserable according to the IRS Commissioner

State Tax Update:

Ringleader of $24 Million Stolen Identity Tax Refund Fraud Ring Sentenced to 15 Years in Prison

MD is refunding the illegally collected taxes.

Chicago is facing the perfect storm of tax hikes.

California Franchise Board declares that a sale of a entire business line is an occasional sale exclude the receipts from the sale in the apportionment factor.

For the main topic:

5 Items to Know About Purchasing an Accounting or CPA Practice

1. Know what you're buying
2. Offer Solutions
3. Office Space and Locations
4. Marketing
5. Know your worth

...more
24min
September 23, 2015 122 When Starting a Business, Consider These Six Things
In addition to the federal and state tax updates, I discuss the six things businesses should consider when starting a business.
Federal Tax -
2016 Tax Brackets are out.
BNA and Bloomberg predicting lower tax bills next year if your income is the same or similar to this year
.
State and Local Tax:
Alabama Challenging U.S. Supreme Court Ruling requiring out-of-state companies to collect and remit sales tax.....they are proceeding asking companies to sue them.
Alabama considering new mandatory combined reporting
Michigan - Beginning October 1, 2015, out-of-state sellers (internets) are supposed to be collecting sales tax through the Main Street Fairness Tax through the click-thru nexus rules
Chicago is being sued over the new 9% amusement tax targeting Netflix and Amazon Prime Users
When Starting a Business, Consider These Six Things
1.   Income Taxes
2.   Entity Type
3.   Other Taxes - Payroll, Sales Taxes
4. Business Licenses
5. Deductions
     Startup Costs
     Assets
     Retirement Plans and Benefits
     Budgets and Business Plans
6. Selling your business or business interest
...more
18min
September 14, 2015 121 Gain on Sale of Personal Residence Exclusion
In this week's episode, I discuss the tax updates for the week:

Federal Tax:

      Home Exclusion Court Case
      32 Hackers arrested

State Tax Update:

Colorado - Marijuana sales tax holidays - September 16th

New Jersey - Tax Court amplifies it's dual nexus decision

Gillette Case - California Supreme Court October 6th

Illinois - Win the Lottery - Get an IOU

Main Topic Discussion:

Two things to know about selling your main residence to reduce your tax liability

    1. Amount of the gain
    2. Length of time living in the home (personal residence)

If you live in your home for two out of the five years and the gain is $250,000 (single) or $500,000 then you can exclude your gain unless you reprocess the home under a for sale by owner contract as outline in the recent 8th Circuit Federal Court Case.
...more
20min
September 01, 2015 120 Sales Tax Holidays and Tax Return Due Date Changes
In this episode, I discuss state sales tax holidays. In additon, I discuss the tax return due date changes that was inserted into the transportation bill that Congress passed and the President signed last month.
...more
15min
July 24, 2015 119 Tax Extenders, Tax Amnesty, Unclaimed Property, and More
In episode 119, I discuss:
Federal Tax Extenders Renewal Update
State Tax Amnesty Update
MA Sales Tax Holiday Controversy
Claiming Your Unclaimed Property
Delaware Unclaimed Property look back period
Indiana Use Tax
Tax Court Case look back period
Business Update
Highest Sales Tax Rate Award Goes to....

...more
17min
July 06, 2015 118 7 Excuses for Not Filing a Tax Return
In this episode, I discuss the Seven Excuses for Not Filing a Tax Return. These are the seven excuses. There probably are more excuses then these.
1. I didn't have enough income
2.  I don't receive a W-2 (I am self-employed)
3. I didn't have any taxes withheld
4.  I only had investment income from capital gain sales
5. The States didn't ratify the 14th amendment
6.  I never just around to it
7.  I'm not required to file a tax return
...more
18min
June 28, 2015 117 4 Tax Return Items Affected By Taxable Income
In this episode, I discuss:
4 Tax Returns Items Affected By Taxable Income

These tax returns items are affected by taxable income.

Deductions
    Schedule A
    Tuition Adjustments
     Traditional IRAs

Tax Liability
     Standard Deduction Vs. Itemized Deduction

Tax Credits
     Child Credit Adjustments
     Earned Income Credit
     Child Credit

Net Taxes
Estimated Taxes
...more
12min
June 18, 2015 116 State Federal Tax Differences for Businesses
In this week's episode, I discuss

State - Federal Tax Differences -

Most states start with the federal taxable income but there are a few state exceptions (ie. California)

1.   Depreciation (Bonus, Section 179, and State Differences)
2.   Amortization
3.   State Tax Deductions
4.   Franchise Tax Calculations
5.   Intercompany Interest
6.   Foreign Income (Deemed Dividends)
7.   Apportionment Modifications
8.   Domestic Production Activity
9.   Gain / Losses on Sale of Assets or Capital Gain
10. Net Operation Losses
...more
15min
May 21, 2015 115 Interest Income
In this week's episode, I discuss interest income and the U.S. Supreme Court decision regarding for the Maryland tax case and double case under the commerce clause.
Not all interest income is taxable.
There are many types of interest income. Some types of interest income and some are not.

Taxable Interest

Interest income is reported on Schedule B if the amount of interest and dividends is greater than $1,500 and
Form 1040 line 8a

Interest income is reported on Schedule 1099-Int and 1099-B

     1. Interest from Banks and Brokerage Firms
               a. Savings Accounts
               b. Checking Accounts
               c. Money Markets
               d. Credit Unions "Dividends"
               e. CD's
               f. Interest paid on tax refunds
               g. Mutual Funds
               h. Corporate Bonds
               i. Savings Bonds

     2.. Seller Finance
              a. Seller Finance Interest Income
                    1. Amortization Schedule
                    2. Need to file a 1099-B
                    3. Name, Address, SSN, and Interest Income Amount

     3.   Accrued Interest
               Interest not yet earned

     4. Bond Premium
               Bonds issued at a price greater than their face value
               Amount over the face value of the bond needs to amortized over the life of the bond

     5. Original Issued Discount
               Bonds issued a price less than their face value
               Amount less then the face value of he bond needs to accrued over the life of the bond

Tax Exempt Interest Income
     Reported on Form 1040 Line 8b

     1. Treasury Bonds
     2.  Municipal Bonds
     3. Tax Exempt Dividends (tax exempt mutual funds)

Specific Bond Activity
               Reported on Form 6251 Line 12

Foreign Tax paid on Foreign Interest Income is reported on Form 1116
Investment Fees Paid on Interest Income is reported on Schedule A

Implied Interest Income
     No interest rate is specified
     Borrow 100 and you make six payments of $20 / month
     Implied interest income $20 or 20%
     IRS AFR (Applicable Federal Rates) Quarterly Tables
...more
28min

FAQs about Navigating the Tax Jungle:

How many episodes does Navigating the Tax Jungle have?

The podcast currently has 285 episodes available.