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Author Archives: Peter G. Robbins, CPA

Children bring joy – and tax complications (access required)

Q: My wife and I received an early Christmas present; our daughter (our first) was born in early December. My wife is planning on returning to work only on a part-time basis in a few months. Isn’t there a tax ...

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IRA-owned business can put you on thin ice (access required)

Q: I am planning on starting a new business, and an adviser I work with has suggested I own the business through my IRA. He tells me that this way the income will be tax deferred or even escape taxes ...

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Financial statements paint a complete picture (access required)

In my last column I discussed the differences between the cash and accrual methods of accounting and recommended keeping your books on an accrual basis. Assuming this sage advice is followed, the follow-up question is: How do I read a ...

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Which is better, cash or accrual reports? (access required)

Q: I opened my small law practice in Twin Falls recently and spent some time getting my accounting system set up. I am using QuickBooks, but I noticed that when I print reports I can select either “cash” or “accrual.” ...

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Even if you can’t pay your taxes, file your return (access required)

Q: I was not able to pay all my taxes by the extended due date of my return. My certified public accountant told me I should file my return anyway, but I didn’t want to alert the Internal Revenue Service ...

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Splitting assets among family is no easy task (access required)

Q: I have owned an operated a small business in Meridian for many years, but it is time I began slowing down and thinking about retirement. I have three children, but only one, my youngest son, is involved in the ...

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Recent laws will affect trust taxation, so plan ahead

Q: My father-in-law passed away recently and a trust was established under his will for the benefit of his three children. Somehow I ended up as the trustee. Do any of the new tax laws affect trusts? Anything I need ...

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Business acquisitions have long-term accounting effects

Q: I recently purchased a small lawn maintenance business. I paid cash and purchased some equipment and the routes from a guy who is retiring. I am now trying to set up my books, but I am confused. I know ...

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Even simple capital accounts can get complicated

These questions came in rapid-fire succession! This is a complicated subject and very misunderstood, but I am asked these questions frequently. I hope this very basic discussion will help. Q: We want to buy a building and plan on forming ...

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