Taxpayer Lacks Substance | Tulsa Payroll Services | Oklahoma City Tax Services

I’ve been accused of that a couple of times, but in this case, I’m talking about¬†economic substance. Recently a taxpayer lost their battle with the IRS, with the Tax Court citing that the transactions of their business entities lacked economic substance, and were only done to pay the couple’s personal living expenses. Believe it or… Read More

What Was Missing | Tulsa Tax Services | Tulsa Payroll Services

With great fanfare, and a giant love fest of political cooperation, Congress passed, and the President signed, the Job Creation Act of 2010. Much has been made about the extension of tax breaks, and some have been written about the temporary estate tax provisions, but I haven’t read anything about what was missing. Here are… Read More

There's Still Time to Die | Oklahoma City Accounting | Lawton Financial Services

They say the only thing certain are death and taxes. So what if you just combine them and be done with it? That’s what some people will most certainly do in this crazy age of uncertain taxes. The current estate and gift tax changes are set to expire at the end of this year. This… Read More

We're Not There Yet Folks!

I’m reviewing the bill proposed yesterday in the House (Job Creation Act of 2010) that is supposed to eliminate the pending tax increases. Many of the provisions ARE pro-business, but it is far from being a done deal. According to Democrats need forty party members to vote yes on the bill in order for… Read More