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Cost segregation study report
Do you need a “study” to use the tax benefits of cost segregation? Of course not. Will hiring a firm to create a cost segregation study report improve the strength of your cost recovery bookkeeping? Of course. Will a cost segregation study report help you in the event of a tax audit? Possibly, but real‑world…
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Tax Plans Are Overrated. Long‑Term Tax Coaching Isn’t
From Dennis O’Leary to social media influencers, there is a rising tide of ‘tax planning’ promotions that promise dramatic tax savings and higher fees for advisors. The sales hook is simple: take a short course, add a new title to your business card, and suddenly you can ‘earn more per client.’ The screenshot ad that…
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Lessons from a Tax Return Error on a 19-Year-Old Case
I recently had my first case of tax return errors that originated, at least in part, from AI-assisted preparation. The error was mine to catch. I did not catch it. The IRS did, and sent Letter 12C requesting an explanation. The minor error would not normally make any difference, but in this case it did.…