Barry J. Friedman, CPA, Author at CPA Trendlines

6 Key Facts About Excise Taxes

Unexpected reasons the government wants more money.

By Barry J. Friedman, CPA
IndustryNewsletters

Everyone knows about income taxes and sales taxes, but we tend to forget about excise taxes, because they’re not obvious.

MORE: How Clients Should Gather Their Papers for Taxes | Charitable Giving under TCJA | Why Padding Tax Deductions Is a Risky Proposition | Portability: Sharing the Estate Tax Exemption | Tariffs: What Clients Need to Know Now
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Excise taxes are paid when purchases are made on specific goods or activities, such as wagering or highway usage by trucks. The producers or merchants pay the tax and typically include the additional tax in the price to the end consumer.
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CLIENT SERVICE OPPORTUNITIES

How Clients Should Gather Their Papers for Taxes

They don’t have to eat the rhino all in one bite.

By Barry J. Friedman, CPA
IndustryNewsletters

Don’t let your clients find themselves frantically searching for information they need to file their tax returns at the last minute. Help them reduce filing difficulties and possibly their tax bills by knowing what documents to have at your fingertips.

MORE: Charitable Giving under TCJA | Gifts to Charity: 6 Facts about Written Acknowledgments | Yes, Home Equity Loans May Still Be Deductible | How to Talk to Clients about ‘Basis’
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Most of the papers they need to document the income, interest and withheld taxes they report arrive in your mailbox in January, with investment-related 1099s often coming in February. They can get ready for that arrival by creating print and online folders. It’s a good idea to create a paper and an email tax folder for messages relating directly to tax information.
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CLIENT SERVICE OPPORTUNITIES

Charitable Giving under TCJA

Donor-advised funds can be a simpler option.

By Barry J. Friedman, CPA
IndustryNewsletters

The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made a habit of deducting their charitable contributions.

MORE: The Latest Fraud Problem: Synthetic Identities | Why Padding Tax Deductions Is a Risky Proposition | Portability: Sharing the Estate Tax Exemption | Tariffs: What Clients Need to Know Now
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Indeed, an estimate from the Washington, D.C., Tax Policy Center is that the number of itemizers will drop from 46 million to 13 million. That means most taxpayers will have little tax incentive to donate cash or stock to charity, reducing giving by $13 billion to $20 billion a year.
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CLIENT SERVICE OPPORTUNITIES

Gifts to Charity: 6 Facts about Written Acknowledgments

And of course, make sure the deduction is qualified.

By Barry J. Friedman, CPA
IndustryNewsletters

If your clients offer gifts or money to qualified organizations eligible to receive tax-deductible charitable contributions, they must do two things:

MORE: The Latest Fraud Problem: Synthetic Identities | Why Padding Tax Deductions Is a Risky Proposition | Portability: Sharing the Estate Tax Exemption | Tariffs: What Clients Need to Know Now | Basis: Turning a Common Client Question into New Business | The W-4 Time-Bomb and What To Do About It
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Have a bank record or written communication from the charity for any monetary contributions.
Get a written acknowledgment from the charity for any single donation of $250 or more.

CLIENT SERVICE OPPORTUNITIES

The Latest Fraud Problem: Synthetic Identities

BONUS: 5 steps for prevention.

By Barry J. Friedman, CPA
IndustryNewsletters

By combining some factual stolen information with completely fake information, thieves convince banks and credit monitoring companies that a fake identity is real. The “bad guy” is not pretending to be the person whose information was stolen or acquired; rather, the data is being used to create a brand-new identity. Thus, the phrase “synthetic identity theft” is born.

MORE: Why Padding Tax Deductions Is a Risky Proposition | Yes, Home Equity Loans May Still Be Deductible | Social Security Hike the Largest in 7 Years
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But how do these scams work?

Barry J. Friedman, CPA

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Barry J. Friedman, CPA, is CEO of IndustryNewsletters.

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Friedman brings more than 35 years of experience building and managing CPA firms, as well as digital marketing firms. Barry sold his regional accounting firm, Friedman & Fuller, to American Express and then created BizActions, LLC which became the first and most widely adopted email marketing service for CPA and payroll firms, which he sold to Thomson Reuters in 2012. Previously, he was the founder and CEO of GovCon where he developed an online electronic commerce community that brought together thousands of IT contractors and hundreds of government entities. He earned an MBA in Business Administration from Loyola College and taught Financial Management in that program for three years.

IndustryNewsletters is a power, easy-to-use digital marketing tool for professional service firms with a large and growing library of timely, relevant content. This robust platform includes an email newsletter service, OnTarget email blast tool, Social Sharing tool, Reporting, and more, to assist you in adding value for your clients and growing your business.

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