Health Savings Account – By John R. Bullis

Kim Pilant John's Articles

The Health Savings Accounts (HSAs) give great tax savings for folks under age 65. When you turn age 65 and are eligible for Medicare, you can not make contributions to your HSA. Whatever is in the account at age 65 is not lost. You can still use it to pay (or reimburse yourself if you paid) doctor, dentist, eye glasses …

What is Happening With the IRS? – By John R. Bullis

Kim Pilant John's Articles

IRS audit rate is relatively low. Individual returns had about one out of 167 returns audited. Most of those were done by mail with just one or two issues to be resolved. The audit rate for C corporations (regular corporations that pay their own tax) was about 1% in 2017 for C corporations that had assets of $5,000,000 or more. …

Document Non-Cash Charitable Contributions – By John R. Bullis

Kim Pilant John's Articles

Mr. and Mrs. Moore lived in Ohio and their individual income tax returns for 2013, 2014 and 2015 were selected for audit by IRS. The audit report showed the taxpayers failed to report cancellation of indebtedness income; failed to report wages; failed to report retirement income and failed to keep detailed records of the non-cash contributions. IRS also assessed a …

Son Defrauds Parents – By John R. Bullis

Kim Pilant John's Articles

Shirley and Roger Bailey owned Rig-Up Electrical Services, Inc in Arkansas. They were considering retirement in 2007 and left their son Jeffrey in charge of managing the company. In 2008 Jeffrey started a new company called Rig-Up Services, LLC and wanted to buy the assets of the parent’s company. Jeffrey hired Roy Johnson as the chief financial officer of the …

Do You Itemize Your Deductions Or Not? – By Kelly J. Bullis , CPA

Kim Pilant Kelly's Articles

How many times have you heard somebody tell you, “You need some tax deductions.” ? You know? Mortgage. Charity. Extra Sales Tax on large purchases. Auto Registrations. Property Taxes. Medical Expenses. Stock Broker Fees. Investment Interest Expense. Employee Business Expenses. Etc. Well, the new Trump Tax Law (Officially known as the “Tax Cuts and Jobs Act” or TCJA for short), …