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Craig Smalley

Craig W. Smalley, MST, EA, is the Founder and CEO of CWSEAPA, PLLC. He has been admitted to practice before the Internal Revenue Service as an Enrolled Agent and has a Master’s Certificate in Taxation from UCLA. In practice since 1994, Craig is well-versed in U.S Tax Law and U.S. Tax Court cases, and specializes in individual, partnership, and corporate taxation for high-net-worth clients; entity structuring and restructuring; and representation before the IRS regarding negotiations, audits and appeals. Craig is currently a columnist for CPA Practice Advisor and AccountingWEB and has had 12 books published. His articles have been featured in publications including the Wall Street Journal, The New York Times, and Christian Science Monitor, and he has been interviewed and appeared as a featured guest on numerous radio shows and podcasts. Craig can be reached at craig@craigwsmalleyea.com.

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The Tax Accountant’s Guide to Law - 2018

Specializing in tax, you realize quickly that most of your math knowledge won’t help you here. Instead, you’d be better off taking some law classes so that you can navigate the US Tax Code. All of the items discussed in this article are just things I ...

Digital Currency

Bitcoin and Cryptocurrency: Simple Agreement for Future Tokens (SAFT) and Initial Coin Offerings (ICO)

A SAFT is basically the commercial instrument used to convey an investor’s rights in the token before the token has its full functionality. For instance, let’s say that a company wants to bring a token to market. Before that token is fully functional, ...

Income Tax

Cannabis and Taxation – Where We Stand Today

For those of you that are in the cannabis industry or just starting out, you have no doubt either been hit with a large tax bill or you are about to be. However, it doesn’t have to be that way. There are many steps that you can take legally just by ...

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Small Business

Valuation of a Cannabis Business

The Internal Revenue Code is so vast, and the laws surrounding cannabis are so complicated, that you have to stay up to date on the pulse of the community. My license is a Federal License and I have about 75 cannabis clients all over the country.

Firm Automation

Technology

Why Automation Could Be the Key to Success for Your Tax Practice

I have five employees and three offices across the country, so I travel a lot during the offseason. That doesn’t include all of the conventions that I attend and speak at. My wife and I travel so much that we took the extra step and signed up for TSA ...

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2017 Estate Planning - Free Whitepaper

Most people think that estate planning is for the ultra-wealthy. However, everyone needs some basic form of estate planning in order to pass their assets to the intended beneficiaries. When you die, your estate goes through a probate process and in ...

Cannabis and Taxation - Free White Paper

As of 2017, cannabis is legal in 29 states and the District of Columbia. In some states, it is legal for recreational use and in others it’s only allowed for medicinal purposes with qualifying conditions varying from state to state. Depending on the ...

Achieving a Successful Tax Practice Takes Trial and Error

I pride myself on being ahead of the curve in this business. Accounting is such a conservative profession, and there is a lot of resistance to change. I was a partner in a partnership for 18 years. I spent a lot of my time dragging my other partners ...

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Firm Management

How Building a Team Around You Can Help Your Practice

Let’s face it, accountants are usually the only professional who your client knows. Because of tax filings, we have to see our clients at least once a year. During that interaction, we are asked legal questions, financial planner questions – you name it.

Firm Automation

Technology

Why Automation Could Be the Key to Success for Your Tax Practice

I have five employees and three offices across the country, so I travel a lot during the offseason. That doesn’t include all of the conventions that I attend and speak at. My wife and I travel so much that we took the extra step and signed up for TSA ...

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Accounting

After the Storm: How to Run a Firm in a Federal Disaster Area

My first experience with a hurricane was in 1979 when Hurricane David brushed up the east coast of Florida. I saw how my parents prepared for the storm. They bought nonperishable food, water, and ice, and took cash out of the bank. We had a lot of cl...

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Technology

How to Solve Complex Tax Issues for Clients by Using the R&D Credit

The R&D tax credit is for taxpayers of any size that design, develop or improve products, processes, techniques, formulas or software. It is calculated on the basis of increases in research activities and expenditures; thus it is intended to reward, in...