Richard A. Lindsey, CPA

Lindsey & Waldo, LLC – Certified Public Accountants

  • May 13

    Mobile, Ala. – May 1, 2011 – Richard A. Lindsey recently joined a select group of America’s leading financial professionals to collaborate and co-write the book titled, Breaking The Tax Code: America’s Leading Tax Professionals Reveal PROVEN Strategies To Legally Minimize Your Taxes and Keep More of What You Earn! The book was published by CelebrityPress™, a leading business and marketing book publisher. 

    Richard A. Lindsey, CPA, also known as the “Renegade CPA,” is a small business tax expert, consultant, speaker and author who helps companies and their owners keep the money they’ve earned instead of handing it over to Uncle Sam. He has 19 years experience as a CPA and 15 years of “in-the-trenches” work before that in the family business. 

    The new book, Breaking The Tax Code: America’s Leading Tax Professionals Reveal PROVEN Strategies To Legally Minimize Your Taxes and Keep More of What You Earn was released on Thursday, March 24, 2011.  It features top advice from financial professionals and experts from across the country and is designed to help people keep more of their hard earned money.  The authors reveal tax secrets and strategies to help people from all walks of life “break the tax code” and keep more of what they earn.  Richard contributed a chapter titled “Health Care Tax Changes.” 

    On the day of release, Breaking The Tax Code reached best-seller status on Amazon.com, reaching #4 in the Personal Finance category and #10 in the Budgeting and Money Management Category. 

    From CelebrityPress:

    “Breaking the Tax Code” is a must read for all taxpayers. If you work outside the tax accounting spectrum, chances are you have preconceived notions of the IRS and the Tax Code. Here is a book that will update your knowledge on a wide range of tax topics including tax shelters, divorce implications, tax planning, and how to stay out of trouble with the IRS – all topics that concern every taxpaying individual. As a bonus, it’s written in a readable format. “Breaking the Tax Code” guides you, with the advice of leading tax professionals, how to legally plan for and minimize your tax burden while maximizing your cash flow. Whether you’re a millionaire or you’re just starting to build your nest egg, this book will lead you on the path to greater financial freedom with the turn of every page. These are proven strategies to legally minimize your taxes and help you to keep more of what you earn.

    After such a successful release, Richard will be inducted into The National Academy of Best-Selling Authors™, an organization that honors authors from many of the leading independent best seller lists.

    To order a copy of the book, go to http://www.amazon.com/Breaking-Tax-Code-Professionals-Strategies/dp/0983340412/ref=sr_1_1?ie=UTF8&s=books&qid=1301620125&sr=8-1 or call Zevac & Lindsey at (251) 633-4070.

  • May 6

    The Good News…

    THE EXPANDED FORM 1099 REPORTING MANDATE HAS BEEN REPEALED!

    Part of the Health Care Reform package expanded the 1099 reporting requirements to include ALL payments from businesses of more than $600 over the course of a calendar year to a single payee regardless of whether the payee was incorporated or not and regardless of whether the payments were for services or for goods. Then, the Small Business Jobs Act expanded that even further by requiring that individuals who rented property be included in the “businesses” required to send 1099s.

    The provision was included in the Health Care Reform Package as a revenue raiser but almost immediately began drawing criticism from business groups and various lawmakers on both sides of the aisle.

    As a result of the repeal, the 1099 reporting requirements remain unchanged: Businesses must send 1099s to any unincorporated entity which it pays $600 or more during the course of a calendar year for services.

    A victory for taxpayers! 

    Note however, the increased penalties for failing to file which have increased to as much as $250 for each failure to file due to intentional disregard were not repealed.

    The Bad News…

    Each month lately it seems the Internal Revenue Service has issued a new statement/recommendation/report/warning that rental real estate is going to come under increased scrutiny.

    The reason: One of the reports conducted by the Government Accountability Office in August 2008 found that at least 53 percent of individual taxpayers with rental real estate activity misreported their income by an estimated $12.4 billion. A following report by the Treasury Inspector General for Tax Administration projected that if the IRS increased its examination of tax returns with rental real estate it could increase potential tax assessments by $27.3 million over of five-year period.

    This missing revenue is part of the Tax Gap I first told you about in November 2009. In its simplest terms the Tax Gap is the difference between what the Internal Revenue Service estimates it should collect and what it actually collects in a given tax year through voluntary compliance. In 2005, the IRS estimated this tax gap to be approximately $345 billion. Individual income tax accounts for over 71 percent of the tax gap, due in large part to the fact that individual income tax is the largest source of federal receipts. 

    As a direct result of the IRS’ mandate to close the Tax Gap, audits of individual income tax returns increased by 77 percent between 2001 and 2006, when they conducted nearly 1.3 million audits.

    Forewarned is forearmed.