Holiday Tax Tips #3 – Oil & Gas Drilling Partnerships

One of the least understood tax strategies is an investment in an oil or gas drilling partnership. If done properly, the investor can have a large deduction in the year of the investment and the opportunity to receive tax advantaged investment income for as long as...

Holiday Tax Tip #2 – QLACs

Clients Hate RMDs? When I talk to my CPA colleagues, I ask them if they are looking forward to the calls to their clients to tell them their RMD (required minimum distribution) amounts, and the taxes due.  Hey, I’ve been there, don’t give me that look! For those...

Holiday Tax Tip #1 – Conservation Easements

Conservation Easements Yes, it really is December!  With less than a month left to implement certain tax strategies to minimize 2015 income tax liability, there is still time.  Tip 1 is the largest opportunity – Conservation Easements.  Subsequent updates will...

Omnibus Spending Highlights – Plan NOW for 2016!

My first update for 2016 will be my final one focused on the end of year Omnibus spending bill.  My conclusion after a more thorough review is that this year more than prior years it is imperative to plan at the start of the year how best to take advantage of changes...

Getting Busy With Passive Activity

Our next article addresses passive activity.  You might wonder why we are addressing this issue some thirty years after its implementation.  Well folks, we have found that the level of understanding of passive activity is woefully lacking. One CPA told me that he lets...

Conservation Easements – GSCPA Article

I am very glad to share this article about Conservation Easements that was recently published by The Georgia Society of Certified Public Accountants. Please click on the image to view the full article. Conservation Easements are one of the under-utilized tax...

2015 Southeastern Accounting Show

During the first day of the 2015 Southeastern Accounting Show, John Carroll and I noticed that few of the 1,200 CPAs who came to our booth had heard of QLACs. On day 2 we put up this sign with a simple question about Required Minimum Distributions from IRAs and WOW!...

What Do We Do Now? Tax Moves to Make Today

OK, it is April and you still have a significant 2014 tax liability after doing everything you and your advisors are comfortable doing. What can you do today? First and foremost, you have to plan for 2015! The substantive tax planning ideas for 2014 had to be...