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Abacus is the accountant-centric magazine focused on small to mid-size accounting practice firms that provides stimulating and provocative articles from a perspective you won't find in any trade magazine.

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AccountantsWorld LLC is the #1 online accounting community, portal and Internet Solution Provider (AccountantsWorld.com), offering accountants a complete line of professional Web-based services for effective management and growth of their practices. We are one of the fastest growing companies on Long Island, currently serving 60,000 accountants with all aspects of managing and growing their practice.

AccountantsWorld is a company without peers with a unique business model that is dedicated to the practice development of independent accountants. As a result of our leadership position serving the accounting profession for the past 20 years, we have acquired tremendous expertise in identifying the current and future needs of accounting professionals and in offering them a vast array of innovative and practical solutions for advancing their practice.

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Publisher: Accountants World LLC

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The 2007 Tax Law Changes
New tax planning opportunities await.
By E. Lynn Nichols, CPA

One statement about the 2007 tax rules that is absolutely true is: "They are different from 2006." Another true statement is: "There are many things that can be done before December 31, 2007, that can significantly reduce the tax bills of many individuals and businesses."

Legislation that was in process in late October offers the promise of continued limited relief from the Alternative Minimum Tax, and extension of many credits and tax incentives offers planning opportunities for future years. While there is continued uncertainty about whether some tax provisions will be passed before year-end, other issues are clearly settled.

Here's what's likely to pass and what's already passed (in May of 2007) that will affect 2007 returns and 2008 planning. As you browse through these items, ask yourself, "How will this affect my clients?” and “Is there a way to gain an advantage for my client as a result of this change?" For sure, we don't want to miss even the smallest benefit...the $250 deduction for a schoolteacher’s supplies, for example.

Nor will we want to ignore the larger opportunities, such as a taxfree distribution of up to $100,000 to a 501(c)(3) organization from an IRA account of an individual over 70 ½. So let’s see how many good ideas you can generate from these opportunities.

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We have created an integrated pool of innovative services, information resources, break-through web-based software solutions, and training—all designed to increase your efficiency and save you time, enhance client relationships and grow your practice.

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