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Illustration showing the legal and tax implications of adding children to a home title as joint tenants with rights of survivorship (JTWROS).
Estate Taxation
James C. Yochum, CPA

Hidden Dangers of Adding Children to Your Home Title: Avoid Costly Tax Mistakes Now!

Table of Contents A common scenario encountered quite frequently is individuals adding their children to their home’s title prior to death as a joint tenant with rights of survivorship (JTWROS) as a means to avoid probate. While there are logical reasons why doing so may be a good idea, in general, without proper tax and legal guidance, it can backfire for several reasons. State property laws establish the value transferred. Primary responsibility for property law rests with the states and not the federal government; therefore, in order to determine ownership and value the transfer of ownership, one must look to

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James C. Yochum, CPA
Business Compliance and Regulations
James C. Yochum, CPA

Is a Bookkeeper the Same Thing as an Accountant (CPA)?

Which one do I need first? Business owners you’ll want to bookmark this! Bookkeepers record data on the business activities: Accountants then review, analyze and present the data for: Put simply, an accountant verifies that the bookkeeper’s work is accurate and attempts to prevent fraud that can destroy your business. They also catch classification errors that can lead to inaccurate financial statements, which ultimately affect decisions & trigger tax audits So which one do you need as a small business owner? And where do you find either? In reality both, but a bookkeeper first. Why? Removing yourself from the daily

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James C. Yochum, CPA
Real Estate Investing
James C. Yochum, CPA

Escape IRS Catastrophe: Unravel Arcane Secrets of Interest Tracing in Property Refinancing

In the bustling arena of real estate investment and management, refinancing often emerges as a shrewd tactic to amplify assets for further growth. Yet, the tax repercussions of such refinancing moves—particularly those entailing cash distributions to partners or shareholders—are intricate and frequently underestimated. Grasping the IRS’s interest tracing rules under 1.163-8T becomes crucial for individuals navigating these waters, especially when cash is distributed among partners or shareholders. Alarmingly, even seasoned professionals specializing in real estate taxes may overlook these critical tracing regulations, a mistake that could lead to unwelcome surprises during an audit. The Basics of Interest Tracing Rules When

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James C. Yochum, CPA
Estate Taxation
James C. Yochum, CPA

Unveiling Hidden Estate Assets: Tax Transcripts for Decedents

In the complex and often emotional journey of managing a deceased loved one’s estate, few tasks are as critical and revealing as pulling tax transcripts. A recent interaction I had with another tax professional sheds light on the indispensable value of this practice, especially in today’s economic landscape where assets can easily remain hidden, leading to unexpected tax implications for personal representatives and beneficiaries. The Spark: An Unexpected 1099-INT The inquiry from their client started with a call about receiving a 1099-INT form for the 2023 calendar year, issued in the name of his mother who had passed away in

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James C. Yochum, CPA
Business Compliance and Regulations
James C. Yochum, CPA

Navigating the New Terrain: Beneficial Ownership Information Reporting Simplified

In the ever-evolving landscape of business compliance, staying ahead of regulatory changes is not just advisable; it’s essential. The introduction of the Corporate Transparency Act by Congress in 2021 has set a new benchmark for transparency, aiming to combat financial crimes and enhance the ease of access to business ownership information. This act mandates the reporting of beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), impacting businesses across the board, especially LLCs. Why This Matters for Your LLC The essence of this legislation stems from the federal government’s need to streamline the identification process of LLC owners across

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James C. Yochum, CPA
Real Estate Investing
James C. Yochum, CPA

The Myth of the “Real Estate CPA” How To Find a Versatile CPA Firm

Navigating Your Financial Journey with a Versatile CPA Firm Let’s clear the air right off the bat: the term “Real Estate CPA” is a bit misleading. While some CPAs, or CPA Firms might focus their practice around real estate clients, it’s crucial to understand that there’s no special certification making one a “Real Estate CPA.” The National Association of State Boards of Accountancy (NASBA), which regulates CPAs in the states, doesn’t hand out titles based on industry specialization. This distinction is more than just semantics. In fact, when someone labels themselves as a “Real Estate CPA,” it might signal a

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James C. Yochum, CPA
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