A Court of Federal Claims has ruled that a taxpayer cannot claim “privilege” when the taxpayer has already claimed to rely on professional advice to avoid penalties. As part of the background, the taxpayer was involved in financial transactions as…
Q: The S Corporation comes with the burden of complying with the 2% Shareholder Rules, does the C Corporation have the same issue? A: No, the C Corporation shareholders do not have the same issue that the S Corporation holds. …
Working with one of my clients recently I was struck once again by the importance of analyzing and recasting – and possibly even restructuring – your company’s financial statements as the first step in getting your business ready for sale….
Introduction As we all know, in 2010 Congress passed The Patient Protection and Affordable Care Act as one of the most sweeping pieces of legislation regarding healthcare in this country. Contained within the PPACA are dozens of provisions including healthcare…
Like-Kind Exchanges The U.S. Supreme Court has refused to review a case involving like-kind property exchanges. The Ninth Circuit had affirmed a Tax Court decision that denied IRC Sec. 1031 tax-deferred treatment to exchanges of real property. In the case,…
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…
Let’s say you’re in the market to buy a house and you see one that looks appealing in the ad. What’s your first impression? How does it look on the outside? The inside? What about the location? The neighborhood? Like…
Introduction Last month, we went over the first part of disaster planning for your business. It is clear that the weather is more violent than what has been typically seen. This increase in severe weather means more damage to buildings…
“Interest Deduction” A district court in Texas has held an estate may deduct interest on a loan from a Family Limited Partnership (FLP) used to pay the estate tax. The decedent, who wanted to protect family assets from former spouses…
Q: In 2014, the new healthcare mandate will begin. How will this affect my business? A: This is not a one size fits all answer. Some employers will be unaffected, while others will see substantial changes. Generally, those with over…
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