The GM CPA Group

Naughty or Nice? The IRS Employee List

“Definitely on the Naughty List: An IRS officer and two tax preparers dreamed up a scheme to cheat the government. The tax preparers convinced clients who owed money to the government that they could negotiate a better deal if they made an up-front payment… “

Back in 2002, Steve Epstein, the director of the Pentagon’s Standards of Conduct Office, faced a common dilemma among ethics officials: how…

Churchill’s Creative Tax Strategy

“Fortunately, Churchill had financial reinforcements outside his government salary: his income from writing. And that’s where he conjured up a little tax-planning magic. In 1940, he cleverly persuaded his finance minister that since he was now “retired” from writing, any income he earned from that source should be treated as nontaxable capital gains rather than ordinary income… “

Few figures from…

The $10 Founding Father

“Hamilton championed a strong federal government, with implied powers to assume states’ debts, and establish a national bank. His forceful advocacy is arguably why the bulk of our taxes today go to Uncle Sam and not your state or local government.”

Every so often a new show hits Broadway with lights that shine brighter than the rest. In 1996, Rent celebrated a group of impoverished East Village…

Paying Taxes: A Thankless Task

“You don’t get brownie points for paying your taxes — so why pay more than you have to? Companies like Airbnb spend millions on plans to keep their tax burden as low as possible. But you can do the same thing for a far smaller investment — and with December 31 fast approaching, now is the time of year to plan.” (more…)

VW Tax Credit Snafu

Every once in awhile, some knucklehead in a position of power at one of the world’s biggest businesses does something so incredibly stupid, you wonder how they can remember to put their shoes on before they head to work in the morning. Bernie Madoff did it for decades by running a classic Ponzi scheme out of his New York office. The folks who ran Enron did it for years when they lied about their…

Taking the Fork in the Tax Road

“Tax planning is full of forks in the road. Cash or accrual? C-corp or S-corp? Medical expense reimbursement plan or HSA? As Yogi says, “You’ve got to be very careful if you don’t know where you’re going, because you may never get there.” So call us for the plan you need if you don’t want April 15 to feel like deja vu all over again!”

Last month, one of the most truly American lives came to an…

Yahoo’s Proactive Tax Plan

“Here’s the lesson. Tech companies like Yahoo understand the value of proactive tax planning. They’ve used it to save billions in taxes, and they realize the money they spend on it is an investment, not an expense. Shouldn’t you take advantage of that same opportunity yourself?”

Turn on the financial news and you’ll hear all sorts of explanations for the stock market’s ups and downs. Oh no, the…

So You Think Our Taxes are High?

“Here in the States, we complain that our taxes are too high. But a quick look at the French tax system reveals that liberté, égalité and fraternité don’t come cheap, either! Fortunately, our tax code is stuffed like a crepe with all sorts of deductions, credits, loopholes, and strategies to cut your bill… “

This year, as usual, millions of American tourists took advantage of summer vacation to…

How Much $$ is Your Name Worth?

“Here’s the lesson for us. It’s not just how you make your money, or even how much of it you make. It’s also when you make it. Choices like timing business or bonus income, deferring tax on retirement savings, and deciding when to recognize investment winners and losers all play a part in your overall game plan… “

Sports fans go nuts this time of year. Baseball fans are watching pennant races…

“The real lesson here, as with so many tax stories, is that it’s not just how much you earn, it’s how you earn it. That’s why you need a plan, to make the most of all your different income sources. So call us for your plan, and treat yourself to some First Class service!”

It seems like every day brings word of a new internet hack or data breach. Target got hacked by Russian teenagers and millions…

To Boldly Tax Where No Man Has Taxed Before

“Famed physicist Stephen Hawking suggests we’re safer not waving too hard to attract alien attention, simply because if they can find us and reach us, they can probably destroy us, too. “If aliens ever visit us,” Hawking says, “I think the outcome would be much as when Christopher Columbus first landed in America, which didn’t turn out very well for the American Indians.” If that’s the case, the…

Deepwater Horizon’s Tax Deductible Cleanup

“Nobody ever plans to suffer through a disaster like the Deepwater Horizon spill. But it’s worth remembering that how you clean up your mistakes can make a real difference. So think of us as your financial “911,” and don’t hesitate to call if trouble strikes!”

Back in 2010, British Petroleum’s Deepwater Horizon drilling rig exploded and spilled millions of barrels of oil off the Louisiana coast.…

“If you’ve never gotten a dreaded “CP-2000″ notice, you might not see the connection between IRS “service” and what we do. But here it is, in a nutshell: the sort of tax planning we offer doesn’t just save you money, it helps protect you from IRS bureaucracy to save you time. So make sure you’ve got a plan in place before you file your next return!”

Nina Olson is the most important person you’ve…

“When we work with couples, we make sure both spouses are on board with the plan. And while we probably couldn’t have saved the Bosleys, we can help eliminate financial conflicts that threaten relationships. So don’t wait to reach out to your better half… “

We tend to think of the Internal Revenue Service mainly as Uncle Sam’s “collections department.” But it’s also a true law enforcement agency.…

“Remember when you were a kid and your mom told you not to buy something just because there was a cartoon character on it? She was right, and she would tell you the same thing about your portfolio. The most important lesson here may be to make the right financial decision first, then find the most tax-efficient way to do it… “

You know what’s even worse than paying tax on money you make? Try…

Around and Around We Go!

“Ferris wheels are fun, but in the end you just wind up back where you started. That’s fine for a scenic ride, but it’s not good enough when it comes to your taxes. What you need is a plan. Whether you’re running a business, managing a portfolio, or just raising a family, we can give you that plan — and you can save the thrill rides for the amusement park, not the IRS!”

Ask anyone what makes them…

Little Tax Problems of the Rich and Famous

“We’re not talking a lot of money here — for example, she earned $946 in investment income attributable to Michigan, which meant filing a 58-page return and paying $40 in tax (which Virginia credited back to her on their return). The end result with her state tax returns is a 1,000-page stack of paper that ought to keep her former company’s printers humming profitably for years…”

Us Weekly is one…