End of Year Tax Planning by Kelly J. Bullis

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Well Howdy folks!  I sincerely hope you all had a GREAT Thanksgiving!  We do have so much to be thankful for. One of the things I am thankful for is that we have finished updating all our office computers operating system to a newer version of “doors” (not the real name to protect the innocent).  I haven’t noticed any improvement …

INSTALLMENT SALES ARE USEFUL By John R. Bullis

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INSTALLMENT SALES ARE USEFUL By John R. Bullis Installment sales are a useful tool in solving a number of problems such as business continuation, income tax deferral on transfer of appreciated assets and estate and gift tax management. As you probably know, an installment sale is a seller-financed, deferred-payment sale that allows a deferral of the taxable gain recognized by …

INSTALLMENT SALES ARE USEFUL By John R. Bullis

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INSTALLMENT SALES ARE USEFUL By John R. Bullis Installment sales are a useful tool in solving a number of problems such as business continuation, income tax deferral on transfer of appreciated assets and estate and gift tax management. As you probably know, an installment sale is a seller-financed, deferred-payment sale that allows a deferral of the taxable gain recognized by …

MINISTER HOUSING ALLOWANCES by John R. Bullis

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Congress has special tax rules for ministers and clergy.  Internal Revenue code section 107 provides “…gross income does not include, in the case of a minister of the gospel, the rental allowance paid to him as part of his compensation, to the extent used by him to rent or provide a home….” That means a proper housing allowance is not …

How to Kill A Recovery

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Did you know that the Small Business and Entrepreneurship Council has ranked Nevada as the 3rd best tax system for business in the U.S.?  They also ranked California as 45th! Perhaps some folks don’t understand the big difference between Nevada and California.  It’s really quite easy.  Less regulation and lower taxes.  In California, business is treated as the “enemy” and …

ANOTHER IRS BAD APPLE by John R. Bullis

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Of over 90,000 IRS employees there are bound to be a few “bad apples” that act wrongfully.  Most IRS employees are hard working, dedicated, intelligent and professional folks that do a lot of good work under very difficult circumstances. The FBI and the Treasury Inspector General for Tax Administration (TIGTA) investigated and the U.S. Attorney Office prosecuted Jeanne L. Gavin …

Open House And NevadaDay Celebration Event

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Join us as we celebrate Nevada Day and the Grand Opening of COUNTRY Financial Agent: Jim Gray’s new office Enjoy a night of Beer Tasting, Live music by Jack Di Carlo, Horsd’Oeuvres and an open tour of the Bullis & Company CPAs office along with our fellow tenants (including wonderful organizations like ” Feeding Pets of the Homeless“) If you …

U.S. CORPORATIONS USE IRELAND TO SAVE INCOME TAX by John R. Bullis

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It has been going on for several years.  U.S. corporations have subsidiaries in Ireland and report big profits there.  The basic tax rate for corporations in Ireland is only 12.5% while the U.S. corporation maximum tax rate is 35%. A recent analysis by Reuters shows more than 40% of the biggest corporations (top 500) have registered subsidiaries in Ireland. Apple …