Issue # 4, April 2014                                                                                                       
The Unlucky Accountant

 

The dreaded tax day deadline of April 15th is upon us once again, so I thought it would be appropriate to share a story about an "unlucky accountant". 

 

We all know that pro footballers enjoy high profiles in society, so they tend to make headlines when they misbehave. So, it's no surprise that former Kansas City Chiefs quarterback, Joe Bruner, made headlines when he was sentenced for battery. The real surprise here is just who Bruner assaulted - namely, his accountant!

 

Bruner joined the Chiefs in 1976 after playing quarterback for Northeast Louisiana State University. After his pro career ended, he moved back to his childhood home of northwest Florida, where he eventually became the owner of a local water-park called "Big Kahuna's" in Destin. While Bruner may have delighted his customers, he apparently didn't delight the accountants who helped him manage his business.

 

Bruner's accountant, Wayne Montgomery, testified that Bruner punched him in the eye, pushed him face down into a recliner, and hit him repeatedly in the head, neck, and back at a meeting at Bruner's house.  Bruner was apparently "upset" with the size of his refund, and accused Montgomery of working for a previous accounting firm that Bruner was suing at the time. Months later, Montgomery reported that Bruner called him at 4:38 a.m., threatening him with the following words: "Battery, battery, battery. You just think battery. Next whipping, I'm giving you real battery. I'm going to destroy you and your property in Alabama and Tennessee."

 

Bruner was convicted of felony battery, but was acquitted of retaliating against a witness (sort of like confessing, "I shot the sheriff - but I did not shoot the deputy, oh no..."). Unfortunately for Bruner, this wasn't the first time he fought the law - and this time, the law won. Circuit Court Judge John Brown cited five previous incidents where Bruner faced violence-related charges, then sentenced Bruner to 11 months and 29 days in Okaloosa County Jail. Brown also ordered Bruner to take anger management classes, submit to drug and alcohol tests, give up any weapons in his possession, and avoid contact with his former accountant.

 

The obvious lesson here is that hitting your accountant is wrong and won't get you more money from the IRS! The less obvious lesson, of course, is that if Bruner had the right proactive tax plan to save taxes, he might have been happier with his refund in the first place - and therefore wouldn't have lost his temper with his accountant.

 

It is important that I integrate your financial planning services with tax planning so that we can minimize the amount of taxes you pay each year.  And just think, when we do this each year, you won't be surprised at tax time and you won't have to risk doing time to minimize your taxes! 

 

 

Sincerely, 


William "Bill" Cummings, CPA
Cummings Financial Organization 
  

In This Edition
A Personal Message from Bill
Bill's New Book
Shredding Event
We've Moved

Like us on Facebook
Follow us on Twitter
View our profile on LinkedIn
Visit our blog
"Bad Luck or 
Bad Business"

 

Click Here to buy on Amazon

 

In 13 Most Common Tax Mistakes Made by Business Owners, certified tax coach William G. Cummings, CPA, draws on his more than twenty-five years of experience helping businesses lower their obligation to the IRS. 


His helpful, easy-to-understand advice stresses tax planning long before tax prep, and it covers pitfalls such as selecting the wrong business entity or retirement plan and missing the many allowed deductions available 

f

  

Date:  April 19, 2014 
Time:  10:00 AM - 12:00 PM 
Location:  3637 4th Street North, St. Petersburg, FL

 

Cummings Financial Organization, Sherwood Financial Group, and Brand Tax Group invite you to bring your old personal tax or other documents* to get shredded.  We're partnering with the Louise Graham Regeneration Center to securely destroy your documents.  In order to take advantage of this service, all that is asked is that you bring a donation of canned goods for use by the St. Petersburg Free Clinic.  
 
The Louise Graham Regeneration Center provides document shredding services to many organizations across our region, including the Pinellas County Sheriffs Department and the IRS.  In addition to the services offered, the center's primary mission is to provide opportunities for adults with developmental disabilities to maximize their independence through the provision of quality life skills training, paid employment and participation in the community at large.
 
We hope you come take advantage of this opportunity and help us support these two wonderful organizations within our community.
 
(*We're sorry but commercial shredding will not be accepted at this event, however, monthly on-site pick-up services are available through the Louise Graham Regeneration Center separately.)

 

We've Moved!  

 

Even though the space no longer worked for us, we'll miss the charm of our previous office on South De Soto Avenue, with its stained glass windows, exposed brick and rich history.  That said, we are excited about our new location, which is still in Tampa's historic Hyde Park.  The vintage 1920's building within which our office is located is adjacent to other historic buildings and is directly across the street from the University of Tampa.  Plant Hall, the main academic and administrative building for the University, still remains a symbol of the city and its history.  Built in the late 1800's, Plant Hall was originally a grand winter resort with rooms that once hosted Teddy Roosevelt, the Queen of England, Stephen Crane and Babe Ruth (who signed his first baseball contract in the hotel's grand dining room).  The hotel and surrounding area was originally developed by Henry B. Plant, a railroad and shipping magnate, whom local historians credit with the transformation of Tampa from a sleepy fishing village to what would become a vibrant city of the 21st century.  

 

Our new location not only maintains our presence in South Tampa but we are now sharing office space with Brand Tax Group, with whom we have a strong partnership with.  In addition, we will continue to maintain our office on the other side of Tampa Bay, in St. Petersburg.  This location is not only convenient for our clients living west of the bay, but is right in the midst of the terrific growth taking place along St. Petersburg's 4th Street.    

 

For your reference, below are our street addresses:

 

South Tampa Office (primary mailing address)

442 West Kennedy Blvd

Suite 390

Tampa, FL  33606   

 

St. Petersburg Office

3637 Fourth Street N.

Suite 210

St. Petersburg, FL  33704

 

For our many clients that don't live locally, our virtual office information (i.e. phone, fax, and email) remain unchanged. 

 

 

To learn more, click here.
William Cummings is an Investment Advisor Representative with securities and investment advisory services offered through Transamerica Financial Advisors, Inc. (TFA) Member FINRA, SIPC, and Registered Investment Advisor. Cummings Financial Organization, Inc. and TFA are not affiliated. Neither TFA nor its representatives provide legal, tax nor accounting advice. Persons who provide such advice do so in a capacity other than as a registered representative of TFA.           

LD049448-03/14