Q: I am selling property through an installment sale agreement. Under the terms, the payments will be made well past January 1, 2011 when capital gains rates go up. Is there anyway I can prevent paying higher capital gains taxes?…
The Tax Court disallowed an estate from claiming the marital deduction because the decedent’s wife did not predecease him. In this case, the decedent and his wife both suffered from a fatal disease. They had wills drafted that indicated that…
Introduction Does your company have a policy handbook outlining the expectations of the company and employee conduct? Whether your company is large or small, policy handbooks are a necessary instrument to your business. Policy handbooks save management time in resolving…
In their book, The $10 Trillion Opportunity, Richard Jackim and Peter Christman note that: “…Within the next 20 years, more than 90 million people in the US and Canada will be retiring. These are the “baby boomers,” the generation born…
Q: Recently I have heard that Congress and the Obama Administration have enacted a law (known as the HIRE Act) encouraging employers to hire unemployed workers. How does this new law work? A: Employers hiring unemployed workers between Feb. 3,…
The Tax Court has disallowed a denial of fraud by a corporation. In the case, the corporation’s president and sole shareholder was criminally convicted for willful failure to collect and pay employment and withholding taxes. The corporation wanted to claim…
Introduction We are all aware of the situation in the Gulf of Mexico. BP’s “Deepwater Horizon” oil rig exploded and sank in late April, leaving on open well behind that has been a big challenge for everybody to handle. As…
The ability to access IRA or other retirement account assets to fund the acquisition of a business, whether it’s an on going business or a start-up, has been available since IRAs were created in 1974. However, it has only been…
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…
The Tax Court only allowed doctors who donated stock in their practice to a newly formed tax-exempt professional services corporation (PSC) a small portion of the charitable contribution deduction they had original claimed. The Court found that the value of…
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