Discussion:CCH 2006 US Master Tax Guide

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Discussion Forum Index --> Business Growth Community --> CCH 2006 US Master Tax Guide


Skhyatt (talk|edits) said:

2 February 2006
How would you rate the CCH U.S. Master Tax Guide in terms of a useful guide? I'm curious, because I just got my copy today and there were certain subjects/issues that I looked up and had trouble really finding a clear, concise explanation, specifically, the new uniform definition of a child. I figured they would have that covered, but, unless I'm missing something, it really wasn't covered in one section. Was broken up, depending on which subject was being talked about, eg: dependency, HOH, etc. That's just one example. Is the CCH guide the one that most of you use or is there a better reference guide out there? Thoughts??

Taxref (talk|edits) said:

2 February 2006
To look up most subjects I use the Quickfinder guide, and use the Master Tax Guide as a backup. Sometimes things can be taken more than 1 way, so getting 2 different explainations of an issue makes it clear.

If you are looking for a good, compact explaination of UDC rules though, you will probably not find it anywhere. There is still a good deal of confusion, especially regarding the dependecy rules. In my opinion, the Master Tax Guide gave the best description of the new dependency rules. That was especially true in the example they gave of cohabitating couples.

Skhyatt (talk|edits) said:

2 February 2006
I would agree with you. It is great to have at least a couple of references, which does sometimes make things more clear. Also, on the UDC, I think it has, at least for now, made things more confusing. The more I go over it, the more that sinks in, but I guess that's true of many things. The Master Tax Guide does do a good job, but I guess I was expecting it to explain it all in one swoop. CCH does sell a reference that is devoted entirely to this subject. Could you point me in the right direction for that example you were talking about regarding "cohabitating couples". Thanks.

Taxref (talk|edits) said:

2 February 2006
Section 137 in the dependency (cannot be a qualifying child of another person) requirement for qualifying relatives.

Skhyatt (talk|edits) said:

2 February 2006
Found it, thanks!

Warren (talk|edits) said:

2 February 2006
I have used the CCH Master Tax Guide as a secondary resource for years but I have never felt that CCH has clear and concise explanations. Many years ago I used to use their broader tax research product and it was like reading the Code & Regs.

Now I use Practitioner Publishing Company (PPC) guides (great & easy to understand explanations), CCH Master Tax Guide, Codes & Regs, and IRS publications off the IRS website.

Skhyatt (talk|edits) said:

2 February 2006
Warren: do you have a website address for PPC?

Skhyatt (talk|edits) said:

2 February 2006
Think I found it. Thanks.

Skhyatt (talk|edits) said:

2 February 2006
Sounds interesting. Do you use the book or the CD-Rom?

Warren (talk|edits) said:

2 February 2006
I use it on the web for all the main guide and I also have the 1040 guide in print form.

Skhyatt (talk|edits) said:

3 February 2006
I see that PPC makes their own products, such as 1040 deskbook and also they have the "quickfinder" products. Which one do you use and /or find most useful?

Warren (talk|edits) said:

3 February 2006
I use both. The quickfinder product is good for looking up info usually found in tables. Tax tables, minimum required distribution tables, depreciation etc. It also has election checklists, worksheets for a bunch of different situations. It's a good tool and a lot more user friendly than CCH Master Tax guide. But I still use the CCH Master Tax Guide to some extent.

BethAZ (talk|edits) said:

18 July 2007
Do you know of a tax guide with a chapter called "BIG tax for Dummies"? I am having a rough time getting my mind around BIG tax when converting a C to an S Corp.

Jdugancpa (talk|edits) said:

18 July 2007
I am looking at the 2000 print edition of the PPC Tax Planning Guide for S Corps, Section 401. It has a decent explanation of BIG tax. Can't guarantee the chapter section hasn't changed, but am certain the explanation is still there, though updated.

BethAZ (talk|edits) said:

18 July 2007
Thank you, Jim! I'm updating my reference library and like the PPC products. Can you recommend any other good tax reference books? I've been using the CCH Master Tax Guide and JK Lasser every year, and want more.

Jdugancpa (talk|edits) said:

18 July 2007
Well, for years I used BNA Tax Practice Series, on CD then switched to online. I just switched to RIA Checkpoint Tax Desk, not because I was unhappy with BNA, but because I share office space with two other CPA's and we shared the purchase. (Compromise!) RIA now owns PPC so you can get a package that includes various PPC volumes. The RIA service we signed up for covers 18 months for the price of twelve, but the PPC series wasn not included in that promotion, which was just as well, since one of my office-mates already had a subscription expiring in December. How handy. But I have not used the new service enough yet to be comfortable. I always receive one or two MTG's for free from either Paychex or ADP so I always have that as a reference. But it is not indepth enough for serious research. I only use it for answers to those topics I already understand but don't have enough RAM to retain in permanent gray matter storage. (While computer RAM seems to increase each year, my RAM seems to be decreasing with age! I'm hoping for a RAM upgrade soon.)

Taxref (talk|edits) said:

18 July 2007
At the recommendation of someone on this board I tried TheTaxBook this year instead of the Quickfinder. TheTaxBook is a good value, as they include corps (including a basic BIG illustration)and other entities along with individual taxes in one book. They also have a very useful single parent chart, to help find out who gets the dependent, EIC, HOH, etc.

Conversely, I think the Quickfinder is better organized and easier to find things. Also 4 times this tax season I went to another source because TheTaxBook was not concise. Had they added 1 more sentence in each case it would have been clear, so hopefully they will improve a bit there.

I am pleased with both guides, and I'm unsure which one I'll get this year. I still use the Master Tax Guide as the backup.

Death&Taxes (talk|edits) said:

18 July 2007
What I like about Quickfinder is that often they cite code or regulations, which I can then take to either our TaxAlmanac resources, or to RIA, which costs about $1,100 a year. I like that in RIA I can search first Code, then 'drill down' as they say to Regulations and editorial comment.

If I were you, Beth, I might find a good seminar [speak up, Kevin] on Corporations. I've attended NCPE in the past....the value is not as much in what you hear as the workbooks you take home with explanations.

Will (talk|edits) said:

18 July 2007
I highly recommend CCH's S-Corporation Taxation guide by Robert Jamison. I have been unable to locate a more detailed and organized guide on S-corps anywhere. The 1000+ page 2005 edition has 90 pages devoted to BIG and nearly every conceivable scenario is explored. Latest version retails at $250 I believe with earlier editions selling for $100 on ebay or amazon...

BethAZ (talk|edits) said:

18 July 2007
I've heard good things about both Quickfinder and The Tax Book. I might end up with both of them for this year, Quickfinder for sure. Will, I just ordered the CCH Scorp guide. D&T, I hate going to seminars, but will look for one in my area.

Thanks for all your input.

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