Mike Blake, CFA, ASA, ABAR, BVIUK

If you are considering upgrading your client portal to TaxDome you should deffff come to my networking event. As if having yummy pizza, sandwiches, coffee shots, regular shots, #thefuncpa Palomas, hand-rolled Cigars and a DJ there is not enough of a good time for ya... Victor Radzinsky the CEO of TaxDome will be there to hang with us, give out some swag and answer any questions. If I were you, I'd sign up. As you can see, my feed is about to really be annoying with all this event promotion but the more fun-loving professionals, the better. Amirite? P.S. Mando will be there too. Link in comments go sign up. #thefuncpaevents #thefuncpa #taxdome #accountingfirm

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***Read the first one and make sure that you understand that LLC's taxed as S or C corps are not corporations, only a C-Corp is a corporation.*** The general requirements for qualifying for the 0 percent federal tax rate on gains from the sale of QSBS include the following: The investor must not be a corporation. The investor must have acquired the stock at its original issue and not on the secondary market. The investor must have purchased the stock with cash or property or accepted it as payment for a service. The investor must have held the stock for at least five years. At least 80% of the issuing corporation’s assets must be used in the operations of one or more of its qualified trades or businesses. The aggregate gross assets of the corporation that issued the stock cannot have exceeded $50 million at any time before (and including the time immediately after) the issuance of the stock to the taxpayer. During substantially all of the taxpayer’s holding period of the stock, at least 80 percent of the issuing corporation’s assets must be used by the corporation in the active conduct of one or more qualified trades or businesses.

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The IRS is warning about a tax scam that takes advantage of a U.S. tax treaty with Malta. Bad actors encourage U.S. taxpayers to make unlimited noncash contributions to Maltese individual retirement arrangements. Promoters may refer to them as “pension funds.” Participants usually contribute highly appreciated assets, which are then sold for cash. They’re told they can claim U.S. income tax exemptions on their earnings and distributions even though their assets typically are sold for significant gain. But the IRS says such claims are “improper” and the tax agency has included the scheme in its 2024 “Dirty Dozen” fraud list (https://bit.ly/3JK2eQh).

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The IRS is warning about a tax scam that takes advantage of a U.S. tax treaty with Malta. Bad actors encourage U.S. taxpayers to make unlimited noncash contributions to Maltese individual retirement arrangements. Promoters may refer to them as “pension funds.” Participants usually contribute highly appreciated assets, which are then sold for cash. They’re told they can claim U.S. income tax exemptions on their earnings and distributions even though their assets typically are sold for significant gain. But the IRS says such claims are “improper” and the tax agency has included the scheme in its 2024 “Dirty Dozen” fraud list (https://bit.ly/3JK2eQh).

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Tired of earning useless CE that doesn’t move the needle? 🙄 Take your practice from standard to stand out with Mark J. Kohler’s 5 LIVE Tax Pro Talks sessions and earn 5 CE credits that will actually make you money. 💯 ✅ 5 weeks of live, actionable training ✅ Proven strategies that you can immediately implement for clients ✅ CE credits to boost your earnings, expertise, and client experience Bundle all 5 courses before 10/22 and save $100!👍 ENROLL NOW - https://bit.ly/4gX0RwZ #cpa #taxes #CE #taxprotalks #sessions #courses #credit #business #strategies

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"Any fool can make a fortune; it takes a man of brains to hold onto it" - Cornelius Vanderbilt, shortly before his family lost their $185B fortune. The irony of this quote surfaces in every financial review I conduct. The Vanderbilts, much like the business owners I advise today, knew how to generate wealth. What they missed - and what drives my practice - is that wealth creation demands financial clarity. This isn't historical trivia. Last quarter alone, our firm uncovered critical blind spots in three thriving businesses, each generating over seven figures. Despite their success, each was unknowingly replicating the Vanderbilt pattern: - Revenue growth hiding operational inefficiencies - Key business decisions based on incomplete financial data - Success concealing preventable financial risks Through hundreds of client reviews, one truth remains constant: success requires more than completed books and monthly statements. It demands a clear, accurate view of your financial position to protect and grow what you've built. The best time to gain financial clarity isn't when you sense problems - it's right now, while things are going well. Your business generates wealth. We ensure you understand exactly where it's going and how to keep it. #Businessowners #nonprofit #executivedirector #Bookkeeping #quickbooksonline #XERO #smallbusiness #MBSATA

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Are you familiar with VDA? No, not Virtual Desktop Access No, not Variational Data Assimilation I’m talking about a sales tax Voluntary Disclosure Agreement. LedgerGurus just published an article on VDAs: 👉 What a Voluntary Disclosure Agreement (VDA) is and how it works. 👉 A step-by-step look at the VDA process, from initial contact to ongoing compliance. 👉 Pros and cons of entering into a VDA to help you decide if it’s the right move for your business. Read here for details: https://lnkd.in/gd6sXXcw #salestax #ecommerce

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A couple of items about Elon Musk recent news bears discussion: 1. Its highly ironic that Elon is tweeting (X'ng?) about making federal employees return to the office five days a week when his tweets, as part of the so-called DOGE mean that he, as the CEO of Tesla, a public company, is not devoting his full time and attention to his own job. I'd like to see ELON spend five days a week in either Austin or Freemont doing HIS job. 2. Despite purportedly moving the situs of incorporation of TSLA to Texas, his pay package and the laws governing it were under Delaware law, so per the Court's ruling, he can't just move now and get his pay back. Elon, you picked the state of incorporation, so stop blaming others. DE is the gold standard, and the rule of law is there to protect shareholders, not you. 3. Regardless of where he moves his public company, (here Texas), Elon Musk owes a fiduciary duty to the shareholders of Tesla to devote his full time and attention to running his public company. It is considered a usurpation of corporate opportunity for a corporate officer or inside director to be conducting business through any other entity when their respective time, efforts and innovations belong to the shareholders of Tesla. Those fiduciary duties exist in Texas too. If Elon does not like it, like the federal employees, maybe he ought to resign so the TSLA shareholders can have a CEO focused on their business. #fiduciaryduty #usurpationofcorporateopportunity #elonmusk #tesla #tsla #delaware #fiduciaryduty #corporatepay 4.

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Another appreciative ITIN client Helped a German resident who is a US state licensed CPA obtain an ITIN. He wrote appreciative e-mails throughout the process culminating with this one today: Got the [IRS ITIN issuance] letter yesterday. Notice date was 20 Sep-24, so it took them approx. five weeks to process (I had sent the letter to Texas on 10 Aug-24; they received it on 15 Aug-24.) IRS was apparently fine with the translated and certified copy of the GERMAN passport. [DG: Canadian passport holders since September 22, 2023 cannot use a Passport Canada certified copy. Passport Canada on said date ceased embossing dry seals onto certified true copies and currently merely signs the copy. ITIN Department disqualifies this Canada Passport Office certification due to it lacking an official stamped seal. It historically never accepted lawyer notarization, so Canadians can save themselves from exerting what will become futile effort by NOT investing resources into either of these two disqualified certifications]. Again, thank you very much for your support, that was great stuff. If you have any questions, please let me know. May be reaching out to you in the future.  Have a great day ahead. All the best. [DG: BTW, this is a great example of where I did not charge a client anything beyond the original fixed fee whose quote came with a caveat that time spent exceeding 60 minutes would be additionally charged and we did spend material time over the regular amount needed. Why did I not charge - because all the extra time was for reasonable back/forth and the client was thankful and easy to work with. Our office in contrast would charge the extra ITIN work time to a client who first presents a simple straightforward case that slowly unravels with many twists and complications needing resolution attention time; for example, inconsistent names on legal documents and passports, turns out it's a renewal and not new application for ITIN and the old ITIN was issued under a different passport name and the new passport being certified doesn't match the original ITIN name/passport being renewed (hint: IRS won't let that name change fly on a renewal).

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Tax Basis: the thought of it probably gives you a headache - it does for lots of tax people too. This is no treatise, but here is a quick blog about what it is and why you should be paying attention. https://lnkd.in/ggtx7JVR

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It is comforting to see that HMT are taking their time over this and not “rushing to legislate” against so-called Umbrella Payroll Companies” (an almost impossible thing to define). Legislation/regulation is not a panacea, indeed legislation can often make things worse and can lead to some terrible miscarriages of justice c/f the Managed Service Legislation. Those posting churlish messages about “inaction” when the authorities are actually demonstrating appropriate due care on a sensitive and delicate matter would do well to research (for example) the history of legislation against Employment Agencies -beginning with the 1973 Employment Agencies Act (effectively reversed in 1994) and the new Act in 2003 (prohibiting the charging of fees) which is what really gave rise to the Umbrella Payroll industry-the regulator (the ESA) has an extraordinarily difficult task. The responses to the Umbrella Consultation last summer must have provided a complex array of new information for consideration (for example the My Digital response ran to 30 pages -DM me if you would like a copy) so one can understand the need for a considered approach. Why not post your response to the Consultation and be professional rather than post lazy and fatuous content? 🙏🏼

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When it comes to federal R&D tax credits, understanding what qualifies as research is crucial. Not all research activities meet the IRS criteria, and accurately identifying qualified research can lead to significant tax benefits for your business. Our new article will clarify what constitutes qualified research and provide guidance on how to identify it effectively. Check it out here: https://lnkd.in/etM8aYm7 #smallbusiness

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Although taxes may not be the sole item leading to your decision of who to vote for in the Fall elections, it is one of many factors to consider.

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Boris Musheyev, CPA & Tax Strategist sits down with Kevin Harrington, original Shark Tank investor and infomercial pioneer, in this enlightening interview. Kevin interviews Boris about the importance of tax planning for business owners and why having a dedicated tax advisor is essential for your tax strategy and planning. Kevin Harrington brings his vast experience in entrepreneurship and strategic investments to discuss the importance of being proactive rather than reactive with your tax strategies. In this video, Boris Musheyev shares expert insights on how effective tax planning can significantly reduce your taxes, impact your business and personal finances. Discover practical tips and strategies for optimizing your tax situation and hear from Kevin on the pivotal role that proactive tax planning plays in successful entrepreneurship. Whether you’re a business owner, individual investor, or simply looking to reduce your business taxes, this discussion between two seasoned experts will equip you with the knowledge to make informed tax decisions. Don't miss out on this opportunity to get ahead in your tax planning and secure your financial future. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know https://lnkd.in/gKiyUR8E ☎️ Schedule your FREE Tax Advisory Session - https://lnkd.in/efbUkpGx ➡If you make $10 Million or more in your business: Schedule your call here: ☎ https://bit.ly/43I3wo4

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