Guaranteed Payments The Tax Court ruled that guaranteed payments were subject to self-employment tax in a case where the two partners in a Limited Liability Company were husband and wife. In this case taxpayers were husband and wife. The wife…
Q: My father just passed away. Will I have to pay estate taxes on the value of the estate? A: Generally, the heir does not pay the estate tax. If there is an estate tax due, the estate is responsible for…
Introduction Many people dream of the retirement that includes walking along the beach with a loved one, spending the nights in hotels, and eating dinners that include good food, wine, and candlelight. The reality can be that for some, at…
For many business owners August is the time to take a vacation, as well as a time to reflect on this year’s achievements and to set goals for the year ahead. Most business owners will set goals to hit certain…
Special Use Valuation The IRS privately ruled that am extension of time should be granted in a farmland estate. In the scenario, the estate had an appointed executor who hired a professional to file the federal estate tax return. There…
Q: Can the Section 179 expenses be carried forward into future years if all of the deduction cannot be used in the current year? A: Yes, 179 expenses can be carried forward if enough income is not present to be…
Introduction The consensus on the economy (according to Beige Book and various other official sources on the issue) is that we are out of the woods and experiencing, for the most part, some robust economic growth. With an average of…
In 2020 the youngest Baby Boomers will turn 55. Baby Boomers own 75% of the 6+ million private US businesses with payroll, and will need to transition their businesses to new owners as they retire. Yet in a recent survey…
Valuation for Closely-Held The Eleventh Circuit Court of Appeals has upheld an estate’s value of a decedent’s interest in a closely-held company that was determined by reducing the company’s value by the entire amount of the built-in capital gains tax…
Q: What is the Additional Medicare Tax? A: Additional Medicare Tax went into effect in 2013 and applies to wages, compensation, and self-employment income above a threshold amount received in taxable years beginning after Dec. 31, 2012. An employer must withhold Additional…
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