Dennis Piper & Associates, P.C. provides income tax and corporate tax preparation services.  We will be available for tax planning services so that we can work with you to identify the most important income tax and business tax topics during the current year. Any recent tax legislation will be reviewed in detail for its effect on your tax return.




Income Tax and Business Tax topics to review include:
 

• Individual tax planning in light of new tax-law changes
• Investment tax strategies
• New college planning strategies
• New tax-planning strategies for depreciation deductions
• New pension and IRA planning
• Retirement distribution strategies
• Compensation tax planning
• Stock options and other equity-based compensation
• Late-breaking tax legislation

Working Families Tax Relief Act:
 

• Marriage-penalty relief: Child credit, standard deduction, and rate brackets.
• Nonrefundable credit: Additional help for your client's AMT problem.
• AMT stopgaps: One more year to plan for Armageddon?
• New definition of the child: Impact on dependent exemption, child credit, earned income credit, and dependent-care exclusion and credit.
• Employment and research tax credits: Resurrection of the dead.
• Educator expense: The closing bell has not rung yet.

American Jobs Creation Act:
 

• Manufacturers deduction: The tax cut that has major implications for most businesses. What is manufacturing? Plus, allocation-of-expenses issues.
• Sales tax: Is your state pro-choice?
• Section 179: Good news in general, bad for the SUV purchaser.
• Executive deferred compensation: Why every plan needs to be examined.
• Company aircraft: Is the owner grounded?
• S corporation reform: Is it still a "small" business?
• Partnerships: It only gets more complicated.
• Real estate: Faster write-offs for lessees and restaurant owners.
• Charitable contributions: Why it's harder to give away the car.
• Tax shelters: New penalties affect return preparation.

TAX PLANNING FOR INDIVIDUALS

Key tax planning steps:
 

• New tax-planning strategies for depreciation
• How to minimize the 110% estimated tax payments
• Using the IRA for real estate investments
• How to take a loss in your Roth IRA
• Why AGI is important in tax planning
• Creative strategies for using §529 plans when your close to retirement
• College planning strategies: gifts, Roth, §529, or CESA?
• Maximize depreciation on your real estate investments
• Aggressive strategies for the small business owner
• Strategies to leverage and maximize the principal residence exclusion
• New tactics for self-employed and owners to maximize pension and IRA contributions
• Year-end tax planning ideas
• Maximize home office deductions without losing your §121 gain exclusion
• How the spouse can earn significant tax benefits
• Planning techniques for dealing with the Alternative Minimum Tax
• Planning ideas to reduce taxes with income shifting to children
• Investment strategies in light of proposed tax legislation, if enacted

BUSINESS TAX UPDATE AND PLANNING IDEAS FOR INDUSTRY

Dennis Piper & Associates, P.C. will work to update your business on the most important tax issues and latest developments. Your business tax plan will be designed to cover, in a clear and concise manner, the practical issues that every industry professional needs to know to keep abreast of the ever-changing tax environment.

Key tax planning steps:
 

• New tax-planning strategies for depreciation deductions
• Key cases and rulings involving shareholder losses and bad debts, reasonable compensation, constructive dividends, and tax accounting methods
• Current issues on depreciation, amortization, and deductible expenses
• The latest update issues affecting retirement plans: nondiscrimination, excess contributions and aggregate contributions, simplified recovery, plan loans, and dollar limitations applicable in the current year
• Fringe benefits: inflation-adjusted amounts for mileage rates, safe-harbor meal and lodging, reimbursed expenses, high-low communities, etc.
• What's new in payroll taxes: cases and rulings relating to worker classification and responsible-person liability
• Recent developments in mergers and acquisitions
• Late-breaking changes in the tax law, including new expensing and dividend exclusions, if enacted

• Top new planning ideas in light of tax reform
• New tax-planning strategies for depreciation deductions
• Use of single-member LLC
• How low can you go on S Corp salaries?
• Partnership options - a wave of the future
• Intangibles planning - new rules and strategies
• Techniques for squeezing more deductions from your inventories
• Which corporate shelters work
• "Catch-up" depreciation
• Accounting methods - avoiding capitalization after INDOPCO, using the $10 million exception to accrual accounting
• Pension plans: maximizing benefits while minimizing costs
• Structuring goodwill outside the entity
• Don't overlook the VEBA
• Tactics to take advantage of proposed legislation, if enacted

• The great tax nothing: Single-member limited liability companies
• How the IRS views members or partners for Social Security purposes
• Debt issues and problems in structuring LLC(s) and LLP(s), including loan guarantee issues, recourse and nonrecourse debt, and the at-risk basis rules
• Death or retirement of a member or partner
• Step-up in basis issues -- How to make the computations and elections
• Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions
• Compensation planning -- Use of guaranteed payments, distributive shares and Keogh plans
• Sales of an Interest