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Introduction The costs associated with setting up an in-house Information Technology (IT) department can be overwhelming for most small to mid-sized businesses. Not only do businesses need to invest in [...]

An analysis of the effective tax rates of self-employed people reveals that they suffer much higher rates than the average taxpayer. A single self-employe person earning around $7,000 can expect to pay 28% in taxes to the feds alone. A single person making $31,000, a salary that would place most people below the 30% tax-rate, would pay more than 40% of the salary in federal income taxes. A taxpayer that would otherwise be in the 15% income tax bracket, if self-employed, would pay at least 28% and as much as 40% in income tax. Reasons for such discrepancies are discussed.

The main advice we can offer a CPA is do not hide your head in the sand and hope ELF will go away. It will not. Like it or not, ELF is here to stay. The position of the IRS is becoming quite clear. They intend to make ELF an integral part of tax practice of the future, and CPAs will have to live in that future. This month's article discusses the advantages and disadvantages of electronic filing. (Reprinted by permission of the publisher.)

Inception The CPA vision project, by redefining the profession, requires change from students, educators, and practitioners. The results of the visioning process indicate that new professionals should have greater communication [...]

Clients often confront practitioners with the dilemma of whether to lease property to the company or include the land and buildings in the corporate assets. This article evaluates the tax consequences of individual and corporate ownership of business real property before and after the Tax Reform Act of 1986. (Reprinted by permission of the publisher.)