Category Archives: Articles

Irreverent, entertaining, incisive articles on a variety of accounting and tax subjects.

Beware the Ides of March and April, QuickBooks Users!

Tax time is here for S Corps, Limited Liability Companies, Sole Proprietorships, and many C Corps. And many rely on QuickBooks as their accounting software. And every year starting about now, we certified public accountants receive these companies’ QuickBooks files in various … Continue reading

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Never Deselect Warning Messages in QuickBooks

There are a host of warning messages in QuickBooks.  Unfortunately, QuickBooks allows the user not to display them.  This is a weakness of QuickBooks, since many users are unaware of the full significance of these warnings. An abundant error committed … Continue reading

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Job Status Feature in QuickBooks Leaves Much to Be Desired

QuickBooks Contractor Edition has been highly publicized as the ideal affordable software package for small contractors.  And it does offer a job costing feature; however, producing standard job costing reports is no easy manner in QuickBooks, particularly when one desires … Continue reading

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Question Received on “Ordinary and Necessary Expenses”

I received the following question from someone on the application of Section 162/212 of the Internal Revenue Code, asking whether expenses incurred by a Corporation in connection with a stock transfer between stockholders are tax deductible by a Corporation. “I just … Continue reading

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January 15th is approaching! Mail in your estimated tax payment to avoid penalties and interest charges!

If you haven’t done so already, it’s that most awful time of the year to prepare your final estimated tax payment if you owe federal income taxes of at least $1,000. To determine the amount of your final estimated tax … Continue reading

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Some Tax Tidbits Regarding Dependents

Just because your parents or someone else can claim you as a dependent does not necessarily mean that you do not have to file a tax return.  That determination is based on your earned and unearned income during the year, … Continue reading

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How to Calculate an Offer in Compromise to the IRS, by William Brighenti, CPA

Calculating an Offer in Compromise to be submitted to the Internal Revenue Service requires extensive work and analysis.  Failure to follow strictly and precisely the IRS’s requirements in its preparation will result in all likelihood of its rejection.  This article … Continue reading

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Controller and Genghis Khan: Failure of Accounting Systems at Small Companies
by William Brighenti, CPA

If you’re the controller or chief accountant at a small company, chances are that your boss is a Genghis Kahn. Herein is a depiction of a not uncommon situation facing a controller at a small company today as well as … Continue reading

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Owe Taxes? Consider Your Options

What do recent changes in tax payment options mean to taxpayers? What are the different alternatives available to taxpayers to resolve a tax assessment?  What are the differences between these options?  Herein is a review of three tax payment options:  … Continue reading

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Is a Partial Payment Installment Agreement all that it’s cracked up to be?

If you owe taxes, penalties, and interest of more than $10,000 and cannot pay them in full, you might consider requesting a Partial Payment Installment Agreement (PPIA) with the Internal Revenue Service.  For your application to be considered by the … Continue reading

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