WHEN CAN WE EXPECT TAX REFORM? By John R. Bullis

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With Congress all tied up and failing to agree on almost anything, I wonder when we can expect Congress to reform our tax laws. Recently a tax writer (staff) for the U.S. Senate vowed to work on overhauling the federal tax code by August 2015. It is long past time to reduce the corporation income tax rates. Senator Ron Wyden …

Remembering Bob Huston

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BY Kelly: Bob was a great man!  He loved his family very much.  They were his pride and joy!  He had pictures of them, especially his grandchildren in his office, talked about them often, and looked forward to spending time with each of them whenever possible. We at Bullis and Company CPAs were an extended part of Bob’s “family.”  We …

WRITE A “LIFE REVIEW” By John R Bullis

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Maybe it would be a blessing to your family if you wrote (or dictated) a Life Review? The normal basics include: date and place of birth; names of parents; childhood friends, schools, stories; details about marriage(s); education; designations and awards; employment jobs, activities, stories, promotions; places of residence; hobbies, interests and activities; charitable, religious, fraternal, political and other affiliations; disappointments …

WRITE A “LIFE REVIEW” By John R Bullis

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Maybe it would be a blessing to your family if you wrote (or dictated) a Life Review? The normal basics include: date and place of birth; names of parents; childhood friends, schools, stories; details about marriage(s); education; designations and awards; employment jobs, activities, stories, promotions; places of residence; hobbies, interests and activities; charitable, religious, fraternal, political and other affiliations; disappointments …

QUESTIONS ABOUT SOCIAL SECURITY by John R Bullis

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Q.     My parents are receiving Social Security payments.  Should I be worried that their monthly checks will be cut and that I will have to make up the difference?  A.     No, there are no plans to reduce benefits for current retirees.  Even without any changes, current benefits are expected to be fully payable until about 2033.  Q.     I’ll be retiring …

CONSIDER STOCKS THAT PAY DIVIDENDS By John R. Bullis

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With the low interest earnings on Money Market, Checking and Savings Accounts, consider purchasing stock in some good, big, quality companies that pay dividends. Your stockbroker can give you a list of companies that pay more in dividends then you are earning in interest and you have a chance the stock will increase in value over time. An example is …

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 …