Introduction There has been a lot of talk about Social Security and its future. Unfortunately, a lot of the attention it has received lately has been negative. Social Security was designed to be a cross generational system of support based…
This is the conclusion of an article which began last month. To see the entire article, visit our website, www.legacyadvisorsgroup.com A colleague of mine relayed the following words of wisdom which he acquired from a client that had to sell…
Q: I just opened a business and formed it as a limited liability company under my state’s laws. For federal tax purposes, how do I classify my LLC? A: An LLC may be classified for federal tax purposes as a…
In a U.S. District Court case, the court ruled that willful intent to prepare and submit false tax returns was a bar to innocent tax relief. In the case, at issue was the admissibility of evidence concerning an individual’s tax…
Introduction Certain tax deductions are set to expire at year’s end. Among them are the lower capital gains and dividend tax rates. The decisions you make in these final months of 2010 can have a major impact on your taxes…
A colleague of mine relayed the following words of wisdom which he acquired from a client that had to sell his company from his death bed. The client and his family dictated these bits of wisdom in one long visit,…
Q: Under the Small Business Jobs Act of 2010, is there any effect on Built In Gains (BIG) Taxes for S corporations that were once C corporations? A: Yes, under the Small Business Jobs Act of 2010, BIG taxes will…
The IRS has ruled that a C Corporation may carry back a net operating loss (NOL) to offset portfolio income from a prior year when the corporation was a closely-held corporation. Under the Internal Revenue Code, a closely-held C corporation…
Introduction Taxes on capital gains are about to increase substantially effective January 1, 2011. The tax cuts established during the first few years of the Bush Administration will, or are at least slated to, automatically sunset as of January 1,…
I recently heard from a long time business acquaintance who told me a remarkable story about being scammed by a firm called Florida Filings in the process of filing their annual report on the Florida Secretary of State’s website. Their…
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