Category: Tax, Foreclosure and Bankruptcy

Tax Tips CPA Or Tax Attorney

When confronted with solving a tax problem, taxpayers have a number of choices including dealing with the issue themselves, hiring a CPA or retaining a tax attorney versed in the tax problem being addressed. Due to the intricacies and far reaching impact of income tax law, engaging a CPA or tax attorney may be advantageous to the taxpayer.

A CPA (certified public accountant) has completed the requisite university courses, passed examinations and met all other licensing and experience requirements to be certified by the state. CPAs are experts in accounting, auditing financial statements and the preparation of income tax returns for corporations, non profits and individuals. CPAs are also employed in industry, non profits or government as accountants, auditors, treasurers, chief financial officers (CFO) and other accounting, financial or executive positions. For example, the IRS hires an army of professional accountants and auditors.

The individual state boards grant the CPA designation and license. CPAs may also belong to the national association, the American Institute of Certified Public Accountants (AICPA). A CPA can also be a member of the state association. CPAs are mandated to fulfill continuing education requirements and follow the associations code of conduct.

An attorney is a professional licensed to provide legal advice, practice law or conduct lawsuits on behalf of clients. A tax attorney is a specialist attorney in assisting taxpayers to solve tax problems with the IRS or the state Franchise Tax Board. An attorney can also be called a lawyer or counselor. To be licensed as an attorney, one must have obtained a degree in professional law from an accredited law school and successfully completed a state bar examination.

While the Statement of Principles (National Conference of Lawyers and CPAs 1951) recognizes that nonlawyers may be admitted to practice before the United States Tax Court, it states that a CPA should advise a client who has received a notice of deficiency to consult an attorney, because the client should be advised of the possibility of litigating the matter through a refund suit in the district court of the Claims Court rather than before the Tax Court. When a CPA learns that a client is being investigated for possible criminal violations of the tax laws, he or she should promptly advise the client to seek the advice of a lawyer as to the clients legal, constitutional rights and the related privileges. An attorney can plead a taxpayers case in a court of law. In limited cases a CPA can make a presentation to the Court, however this is not a good idea especially if the accountant prepared the tax return in question.

The Attorney-client privilege is a legal concept that protects communications between an attorney and the client. The attorney is bound to keep these communications confidential. Any communication between a CPA and a client is not held confidential.

When a taxpayer is trying to solve a tax problem it is not a matter of either or. Taxpayers can consider their CPA as vital as their tax attorney and quite so. A taxpayer could utilize the services of both a tax attorney and a CPA to resolve a pressing IRS tax situation. The main difference is that a CPA cannot litigate in district court and a CPA does not have privileged communication with the client.

Free Residential Lease Agreement Template

When home sales go down, rentals go up. The rental business is thriving as more and more people find it difficult to sell their homes. Some folks are renting out their homes just to stay afloat.

If you are in the property management business, you know how hectic it can be to stay organized. Details and time lines are crucial to your business and staying on top of things can be a daunting task. Youll want to be armed with forms that will make your job and life easier. Especially if you are self managing one or more properties, our free residential lease agreement template will help you stay organized and keep track of your residents information.

Managing your own properties can be overwhelming. Our system makes it easy to supervise your property or properties by simplifying and automating your information so it will be right at your fingertips.

A free residential lease agreement template is available when you sign up for a free account at Protect your rights and your property as a landlord with a free residential lease agreement template that will help you stay on top of your properties and store your residents information all in one place. Youll also have access to our property management software system and be able to see for yourself what a great tool this is for managing your property management business.

The booming rental market has been attracting more investors into the business, some without any property management experience at all. Investing in rental properties can be a great source of income and by using our system, it can help increase your profit by simplifying and organizing your files. A residential lease agreement template will let your tenants know what is required of them. It will showcase you as a professional property manager and a lease agreement will protect their rights as well. It will give you peace of mind that you have someone who understands what they can and can not do to your property and the ramifications if rent is not paid on time.

Our automated system will alert you when rent is due and help sort through the mess, taking the work out of the rental business with resources and valuable tools on how to run your business. Sign up at Mypropertymanager is free and easy and you can start using your free residential lease agreement template today!

Elss Secret Of Tax Saving With Mutual Fund Investments.

As the name suggests ELSS (equity linked savings scheme), invests primarily in equity shares of companies. As per financial regulations, the scheme Fund manager has to invest 80% of the total amount in the equity shares and the remaining 20% per cent can be invested in other instruments like bonds, debentures, government securities and others. When you invest in ELSS your money is locked for a period of three years (minimum). Once you invest in tax saver funds you cannot withdraw the amount for three years, this acts as a blessing in disguise as tax saving funds generally yield high returns during a 3year period. The common man is basically afraid of investing his money in equity shares as he is afraid of loosing money. But a look at the recent past shows that investors who have invested in tax saver funds have never lost out on their money, rather tax saver funds have been the front runners in terms of returns to investors. A small illustration will clarify comprehensions.

If you make an investment of Rs 1,00,000/ ( 1 lac), then under section 80c this complete amount is deducted from your gross income for that particular year. If your annual income puts you in the highest tax paying zone, i.e -34%, then the investment of Rs 1,00,000/ will ensure that you get an annual tax deduction of Rs, 34,000/. So logically speaking you invest Rs 66,000/ considering the deduction. Assuming that the Mutual Fund declares an annual dividend of 10% then your total return on Rs 66,000 is [(10,000/66000)* 100] = 15.15%. This particular dividend earned is also tax-free, hence more profit. Another profitable venture out of this investment is that after a period of 3 years the capital gain that you obtain out of the investment is also tax-free. This is what makes ELSS the most attractive investment for those who have the appetite for moderate risk. However, prior to making an investment selecting a good fund house based on its reputation and track record is important. Elss are considered to be the best tax saving mutual funds in India.

ELSS is a good option to save tax and generate long term capital gains. These gains are obtained from the equity market only if you are investing in a long time horizon. Adding money in a disciplined manner creates a good corpus. The basic confusion that the average investor could have is that they consider Equity Mutual Funds and ELSS to be the same, which in true sense isnt correct. Normal equity funds could be purchased today and disposed off tomorrow. Incase of ELSS there is a compulsory 3 year lock in period. As per the rules related to long-term capital gains, profit from equity MFs after one year becomes tax-free. As per latest sources the top 5 ELSS schemes are 1) Principal Personal Tax-saver, 2) DSP ML Tax Saver Fund, 3) Taurus Libra Taxshield, 4) Lotus India Tax Plan, 5) Franklin India Tax Shield ( FIT). Going by the current volatile market trends and with the current fiscal year approaching an end, investing in a good ELSS fund is a clever option to save taxes.

Know More About Home Business Tax Deductions

Nowadays, a lot of individuals have turned into running their own home business. We’ve seen such a massive spike in individuals wanting to run their own home business for several reasons. Some people do not want to work the same old 9 to 5 job anymore, others are looking for multiple-streams of income and for still others, and the reason is unemployment or lack of job security. Whatever the reason is, for starting a home-based business, it will almost always give you large, and maybe unexpected, tax advantages.

Home businesses have a lot of other advantages as well. For one, it gives them ability to start small. Starting small is very beneficial because it lets you operate at a cheaper level and lets you work at you own pace. On top of that, to start home businesses only a small amount of start-up capital, partially because most of the equipment that they need is already present. And do not overlook the tax deductions that you can receive from running the business from home, because it often is large enough to actually cover the costs of running the business itself.

Vehicle Deductions

One of the more popular tax saving tips that home businesses take advantage of is the tax write-off from travel expenses. Home-based businesses tax deductions from your daily commute can be deducted because these are deemed necessary to operate the business. You may also need to meet you’re clients, deliver product or make necessary trips to purchase things. Be cautious though, because this tax deduction tends to be abused by a lot of people. Make sure that all of your trips are legitimate and appropriate and that you maintain a vehicle-use log..

Hire Your Family Members

As a home-based business owner, you can hire your children instead of paying them an allowance. Wages paid to a child at least 7 y.o. and under 18 for part-time work are tax deductible to your business, and the money earned by the minor is tax-free to the child — up to $5,700 per child, per year.

Telephone Bills

You can also have a tax break your phone bills from your taxes. Nevertheless, the IRS will consider the first telephone line as a personal telephone line. Any extra phone lines like a fax line or, sometimes your cell phone can be deducted.

Get a free video at that explains many of the home business tax deductions secrets. Log on to the website and get free tips.

ICT in Financial Inclusion, Taxation, Excise and Finance – Abhishek Sinha

Please also visit FIPS(“Financial Inclusion & Payment System”)

Elets – A platform for disseminating creative ideas on ICT

Elets Technomedia is a technology media and research company that focuses on ICT in government, education, healthcare, agriculture and rural development sectors. Our mandate is to provide effective information on latest development in different ICT tools, techniques and their applications across our verticals through premier print publications, online portals and premier events, seminars, conferences and summits. Elets has created a name for itself as a technology media and research vendor of choice.


To strengthen and facilitate knowledge sharing platforms engaging with partners across the globe through International conferences to provide cross-cultural grounding to stakeholders and participants To provide stakeholders with a platform to share models of best practice, knowledge and experience on a range of issues in the domain of ICT in Governance, Education, Health, security, Urban and Rural Development To mobilise the communities towards creating a digitally informed knowledge society based on shared understanding

Elets Focus Areas

Elets provides an unmatched versatility for working with multiple partners and consultants to mutually share knowledge. With a vision to provide effective information on latest development in different ICT tools, techniques and their applications across various verticals with focused reference to governance, education and health, we

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Beyond Tax Preparation Key Ways Your Accounting Team Can Help You Optimize ROI

It’s no secret that running a business of any size means partnering with an accounting team of sorts, particularly during tax season. Offloading ledgers, spreadsheets and receipts containing the previous year’s expenditures and payments is an annual ritual for many small and mid-size business owners. They consider this yearly engagement with their accountants just a necessary part of doing business to ensure that their tax preparation gets done accurately and thoroughly.

Quality Accounting Firms Go Beyond Basic Tax Preparation

While the annual tax preparation ritual is often a must for entrepreneurs in every industry, many business owners don’t know that their accountants can offer extensive insight and expertise that goes far beyond the dreaded April 15th deadline. Many qualified accounting firms, while specializing in tax preparation, also offer a comprehensive range of other core capabilities that can be useful to entrepreneurs throughout the year. If you’re currently only using your accounting team for tax preparation, read on. Not tapping into the many other services that a front-running firm can offer may mean that you are missing out on some major business incentives within your organization.

Some Critical Services To Look For With Your Chosen Accounting Firm

Not sure what type of services to look for in a cutting-edge accounting firm beyond traditional tax preparation capabilities? You’re not alone. Many executives find themselves struggling to determine what to seek when looking to partner with a top notch firm. The ultimate key to success often lies with pinpointing a team of accountants that offer an all-encompassing, diverse litany of specialties. Some key services to look for include:

Business valuation: Understanding current market value and your own equity within the business can play a key role in helping you make the best investment decisions for your organization.

Succession & ownership transfer planning: No matter how well your company is thriving and growing, it’s critical to be able to put together a plan of action for future leadership. Whether offering a legacy to your family, or putting together the right leadership team of internal employees, understanding the legal requirements of succession planning can deliver the smoothest transition possible between various governance generations.

Real estate cost segregation: Cost segregation is a relatively new and legal method where business owners accelerate their tax depreciation deductions specific to their real estate ownership. Having an accounting team that understands this fledgling option can reap significant rewards and optimal overall ROI.

Bank covenant monitoring: Ever wish that you had a qualified team of experts working on your behalf regarding your business loans? Now you can. Many innovative accountants actually offer bank covenant monitoring to help manage all the details with any specific loan to keep your company in complete compliance at all times.

Employee benefit plans: Overwhelmed with the many ever-changing legal requirements of your employees’ benefit plans? Working with a trusted firm of accountants can help give you the information you need for health benefits, 401K plans and more to ensure that you are legally offering your employees everything that they are entitled to.

As a leading accounting firm, Dugan & Lopatka offers their clients far more than just exceptional tax preparation in Naperville, IL. Beyond traditional services, Dugan & Lopatka offers a wide range of specialty competencies as well for optimal client ROI. Visit the company’s website today at to learn more!