Q: For the purpose of retiring, are there some states that are better than others from a tax standpoint? A: Yes. Some states are better than others when dealing with taxes that are common to retirees on fixed incomes. Because…
As the generation of Baby Boomers approaches retirement, it has been estimated that over the next twenty years retiring business owners with be seeking to successfully exit their businesses, with an aggregate value in the trillions of dollars. Without the…
Introduction It has been over a year now since the Patient Protection and Affordable Healthcare Act (PPAHA) was signed into law. The expansive PPAHA passed in 2010 contains many provisions that mean benefits for the people of this country. In…
The IRS has issued guidance regarding employer federal tax deposits to be made by electronic funds transfer. Normally, comments by the public would be taken to buffer issues that would come about and the IRS would make changes as necessary…
Q: I own a business that is moderately successful and would like to see it passed on to my wife and children. How and when is the best time to start the process or begin planning the transfer? A: The…
The typical business owner will only sell a business once. Understanding the complex process involved will help produce the best results. But don’t fall prey to the myths that can derail or seriously affect a potential sale. Myth #3 –…
Introduction As of last year, the estate tax was in a “repealed” status. Anyone passing away in 2010, including the late owner of the New York Yankees, George Steinbrenner, was fully exempt from the estate tax. However, as of January…
An S Corporation was allowed to use a lower figure, rather than the sale price, when calculating the tax on built-in gains for the sale of a partnership interest. The built-in gains tax is a tax on an S corporation’s…
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…
The typical business owner will only sell a business once. Understanding the complex process involved will help produce the best results. But don’t fall prey to the myths that can derail or seriously affect a potential sale. Myth #1 –…
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