Q: What should I do if I made a mistake on my tax return that I have already filed? A: It depends on the kind of mistake that you made. Most mathematical errors are caught in the processing of the tax return…
Conservation Easement The Tax Court held that an examiner properly assigned penalties. In the case there was a husband and wife (taxpayers), an examiner, and a plot of land involved. In 2007, the taxpayers donated a parcel of land with…
It’s estimated that only about 80% of all Letters of Intent ultimately result in a closing, usually because the transaction didn’t survive the due diligence process. At the same time, it’s safe to say that no aspect of the business…
Domestic Production Activities Deduction The IRS Chief Counsel determined that mobile billboards qualify for Code Section 199 Production Activity Deduction. In this determination, the taxpayer submitted a fact pattern based on two sets of facts. The first set of facts…
Q: I am interested in giving my employees some kind of employee ownership. What do you recommend? A: While I cannot recommend or give out legal advice via newsletter, one item of interest would be an employee stock ownership plan…
Introduction The rule for large, publicly held companies is clear. If you are going to list your stock on a stock exchange, your company must present financial statements that are created in compliance with Generally Accepted Accounting Principles (GAAP). These…
Sometimes in the process of buying or selling a business, buyers – and sellers – get caught up in negotiating the best possible deal for themselves and lose sight of their ultimate objective, which is presumably to buy – or…
Timely Delivery The IRS published a proposed regulation to clarify Code Section 199, the Domestic Production Activities Deduction. Manufactured, produced, grown, or extracted (MPGE) includes that plus installing, developing, improving, and creating Qualified Production Property. It also includes making QPP…
Q: Is it possible to have Roth and traditional IRAs as part of a comprehensive plan? A: Yes. Individuals can have an assortment of Roth IRAs, traditional, and even employer retirement plans as their overall retirement plans. However, when funding…
Introduction: When businesses are valued, the owner desires the highest value possible for the business. After all, it is human nature to desire the most wealth possible. Many times, valuations are prepared to determine what price potential exists if the…
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