Children Should Learn About Money, Says People Who Study Money

Children Should Learn About Money, Says People Who Study Money
The Journal of Accountancy is probably not in most people’s bookmarks, and since the recent survey discovering that many parents don’t talk to their kids about money isn’t exactly good filler material between Olympic events, many people probably missed last weeks exciting news. Some 30% of parents never or rarely talk to their children about ...

C. Johnson’s Drag Race

C. Johnson’s Drag Race
Most things aren’t deductible, and I think that’s pretty well understood by 90% of Americans. As much as I’d like to reduce my taxable income by the video games I purchase, or the model railroads I create, or on my personal aerial drones, I can’t. Unless, of course, they’re for my business, then I can ...

What Do Accountants Do – Workpapers

What Do Accountants Do – Workpapers
NOTE: This is the second part of a series about “What do Accountants Do All Day.” After all the data is collected, the real accounting fun begins. We spread all the information we’ve received from the client onto our virtual desk, stick on our transparent green visor, and start to sculpt warm, sticky mess. The trial ...

Could Romney have paid no taxes?

Could Romney have paid no taxes?
I think the current battle between Harry Reid and Mitt Romney kinda funny, since it’s two people from vastly different sides of the political spectrum from a church which most label as a Republican hotbed (I’m blaming Utah for that perception). Anyway, Reid, claims one of those ubiquitous “people who know” informed him Romney paid ...

“First-Time” Should Have Given it Away

“First-Time” Should Have Given it Away
The Tax Code can be confusing, but that doesn’t mean everything has to be confusing about it. Take TC Summary Opinion 2012-77. In it, the petitioner owned a one third interest in a home for a three year period of time. Later, she was give up to a 50% ownership, her brother owning the other ...

Aurora Shooting–Follow Up

Aurora Shooting–Follow Up
My wife and I eventually saw Batman, though not without a little trepidation. We didn’t go to the Century Theater – I don’t think it’s even open yet – but that didn’t stop the nervousness bubbling ever so slightly. We sat in the first row behind the walkway, our standard spot. After a couple minutes, ...

What Do Accountants Do — Gathering Data

What Do Accountants Do — Gathering Data
NOTE: This is the first part of a series looking at “What Do Accountants Do.” Gathering data should be easy. Accountants have lists, often more comprehensive than a teenage girl’s twitter account, of everything we’ve ever needed from the client in the past, and everything we expect to need in the current year. This is our PBC list ...

What Do Accountants Do – Introduction

What Do Accountants Do – Introduction
Someone asked me the other day what I’d do if the country moved to a flat tax. That won’t happen, as I’ve discussed before, but let’s pretend Grover Norquist or Ron Paul stumbled on a magic lamp and, after two foolish wishes (I’d assume they’d involve armadillo slaves or dancing hyenas), they ask the genie ...

I Can See Why the Marriage Failed

I Can See Why the Marriage Failed
Court case Claire M. Clode-Baker v. Tammy Cocke undoubtedly has some juicy information behind it. Unfortunately, we only get the basics. One day, I’m sure we’ll get the Lifetime Original Movie exposing what really happened. For now we’ll have to live off a court reporter’s meager transcripts. What we do know: Tammy Cocke (hopefully pronounced ...

IRS Audits Don’t Mean Much

IRS Audits Don’t Mean Much
Since I both write about and do* taxes, I get inundated with news related to tax updates every day (I have about 100 relevant items today in my RSS feed). I glance through them, looking for an interesting tidbit, but rarely spend more than a couple seconds on each unless something interesting jumps out. I ...