{"id":57833,"date":"2019-02-25t12:00:53","date_gmt":"2019-02-25t17:00:53","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=57833"},"modified":"2019-03-06t11:27:40","modified_gmt":"2019-03-06t16:27:40","slug":"you-must-push-the-pencil","status":"publish","type":"post","link":"\/\/www.g005e.com\/2019\/02\/25\/you-must-push-the-pencil\/","title":{"rendered":"you must push the pencil"},"content":{"rendered":"

\"woman's<\/a>sometimes the conventional is not wisdom.<\/strong><\/p>\n

by ed mendlowitz<\/i>
\ncall me before you do anything: the art of accounting<\/i><\/a><\/p>\n

tax rules continuously change, but the specific tax matter here is not what\u2019s important. what is important is the process.<\/p>\n

more:<\/b> when to keep some plans to yourself<\/a> | employees have better memories than bosses<\/a> | when writeups went extinct<\/a> | kennedy\u2019s acceptance speech<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

in the 1970s the tax law provided for a penalty for certain family corporations retaining \u201cexcess\u201d earnings and not paying dividends. for the record the individual tax rate on dividends then was 70 percent, so forcing the payment of dividends would give the government that much more tax \u2013 on some level you can say that it almost was a confiscatory tax.
\n
\nto determine \u201cexcess,\u201d you had to go through various gyrations and formulas, and in this client\u2019s case, i felt he would be penalized upon an audit if he did not pay the dividend. the penalty was 38.5 percent of the unpaid dividends. i told my client that based on his circumstances he needed to pay a dividend of a certain amount to avoid the imposition of that penalty.<\/p>\n

the client asked me to show him calculations to convince him of the \u201cbenefit\u201d of paying the dividend vs. being penalized. he said he wanted to see what he would have if he paid the dividend and what he would have if he did not pay the dividend but had to pay the penalty. i was annoyed at his request and insistence because \u201ceveryone knew it was better to pay the dividend rather than pay the penalty,\u201d but i told him i would work out the numbers for him.<\/p>\n

i wasn\u2019t going to see the client for about a month, but that night after dinner i decided to put the numbers together to get it out of the way and off my mind. to my complete surprise, it looked like he was \u201cricher\u201d by not paying the dividend, but paying the penalty. it made no sense to me because the conventional wisdom was that the penalty avoidance was the preferred strategy.<\/p>\n

during the next month i did extensive research on this and found nothing that indicated you should not pay the dividend but wait to have the penalty assessed. but my calculations showed the opposite. i met with some more experienced colleagues and asked them to show me my errors, which they were unable to do. i included this as a chapter in my first book, successful tax planning, published by martin edelston and this was the thing i took the greatest pride in \u2013 it reversed the conventional wisdom in this area.<\/p>\n

i learned that with taxes, there can be no assumptions and that everything has to be researched and number crunched. this lesson became a mantra for me. push the pencil! do the work!<\/p>\n

after this instance, there have been many situations in which pushing the pencil reversed the \u201cconventional wisdom\u201d for me. i also then never accepted anything less than a complete job from my staff. i also refused to work for clients who did not want to pay the proper fees for the thorough work i always insisted on.<\/p>\n","protected":false},"excerpt":{"rendered":"

sometimes the conventional is not wisdom.<\/strong>
\nby ed mendlowitz<\/em>
\ncall me before you do anything: the art of accounting<\/a><\/em><\/p>\n","protected":false},"author":1341,"featured_media":42262,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1905,1363,3120,3002,2246],"tags":[],"class_list":["post-57833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-clients-and-service","category-featured","category-pro-member-exclusive","category-special","category-busy-season"],"acf":[],"yoast_head":"\nyou must push the pencil - 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