Practice Management

Senate Democrats plan to hold a vote on the Bush tax cuts extension soon after the mid-term election in November, congressional leaders indicated.

Moving into this year's year-end tax planning season, tax practitioners are faced with a considerable degree of uncertainty caused by congressional indecision. Not only does the uncertainty as this column goes to press surround whether a long list of extenders and small-business tax breaks will in fact apply retroactively to Jan. 1, 2010; it equally involves whether the massive EGTRRA '01 tax cuts, due to expire at the end of 2010, will be extended into 2011. Strategies to prepare for a probable change in the 2010 tax rate structure for 2011 are the focus of this present column, in part because the outcome is somewhat more predictable than the fate of the extenders and small-business relief, and in part because it may take more preparation for clients to make plans to meet the challenges of changed tax rates.

ATLANTA

All clients are looking for lower fees and cost-cutting measures from their CPAs. That's a no-brainer. But do nonprofit organizations have higher expectations around what support and resources they receive from their most trusted advisors?

Economic downturns often lead the owners of privately held companies to go their separate ways. In a perfect setting, the parties would execute a fair and civilized splitting of assets and resources — either by dividing the company equally or by having one party buy out the other — and then ride off into the sunset with their friendship, egos and fortunes intact.

While there are some things you can control, there are many more that you cannot. The real issue is not what you can control or not, but how you react to these type of disasters, and how well your firm carries out its “contingency planâ€� (if it has one). The difference may mean the firm’s survival (and retention of its asset value).

CORPORATE RETURNS SLIDE

Kaysville, Utah

Thomson Reuters has acquired TaxSimple, one of the last independent software companies in the tax software market.

The continuing inability of Congress to agree on what to do with the expiring Bush tax cuts has real consequences, as small businesses remain stymied in their planning for the future.