Failure to File Gift Tax Return The US Court of Federal Claims ruled that a donor’s health problems were not severe enough to warrant reasonable cause for failure to file a gift tax return. In this case the donor failed…
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 the IRAs,…
Introduction Non-Compete Clauses and Agreements (also known as Covenants Not to Compete), quite simply are agreements that are used to limit an employee’s competition against an employer when the employee is no longer working for the employer. They are necessary…
Thousands of small- to medium-sized businesses sell privately every year, so why use a professional M&A Advisor? Why not save the professional fees and do it yourself? There are several reasons, but in my experience most of my clients say…
Family Limited Partnership The Tax Court ruled that interests given in an FLP were completed gifts as they satisfied the present interest tests. As trustees of their respective trusts, a decedent and his wife established a family limited partnership for…
Q: I purchased rental property and there were a lot of costs involved. What costs am I allowed to deduct? A: You are allowed to deduct interest and real estate taxes, for the most part. Other fees such as closing costs and…
Introduction How are you going to end the relationship with your business? Believe it or not, that day will come. Fortunately, you have a number of options to plan your exit and watch your legacy continue. Four good, viable options…
In the real world of buying and selling businesses, some businesses have a very large component of goodwill, while others have little or none. The concept of goodwill is confusing to most business owners, and many hold serious misconceptions about…
CFO and Mental Health Issues A Federal District Court has ruled that a CFO’s mental issues were no excuse for the non-collection of a wage garnishment order for taxes. The CFO in the case had received a certified mailing from…
Q: I have yet to contribute to my IRA. When is the last day I can contribute funds to my IRA for the 2013 year? A: Generally, funds contributed to an IRA must be contributed before the individual tax filing…
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