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Archive for September, 2009


Thursday, September 17th, 2009

I have spent this week discussing the process of bankruptcy with several clients.  These are folks that need help, they are in way over their heads.  Essentially, they went all in, and they lost.  This is not a casino, but the similarity is quite real.
I am not a bankruptcy lawyer, or an expert on bankruptcy, [...]

Back Taxes

Monday, September 14th, 2009

I finished the year end financial statements and prepared a corporate income tax return for a client yesterday.  One of the most interesting tasks I perform is delivering a new client their tax return.  I enjoy presenting a finished product to a new client.  The client’s reaction is what makes this task interesting.
I knew that I [...]

Corporate Income Tax Preparation

Monday, September 14th, 2009

I just prepared a client’s corporate income tax return.  The client’s books are really a mess.  The balance sheet made no sense.  Receivables had a credit balance, they normally are a debit balance.  You cannot list distributions to the owner as an expense.  The liabilities show a $20,000 payable for payroll taxes.  Retained Earnings was no [...]

Email conversation

Sunday, September 13th, 2009

I just received an email from someone who owes over a million dollars to the IRS.  That amount of money used to shock me, the sheer size of the debt was overwhelming.  I am a highly skilled and trained professional, a million bucks is a ton of money, if I was overwhelmed I can only [...]