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 –…
Introduction In a deal between Republican and Democratic leaders, on December 17, 2010, the President signed “The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010”. It is important to all business people and many individuals. The new…
The Tax Court has found that a taxpayer participating in tournament sport fishing was doing so for recreational purposes, not for making a profit. The Court came to this conclusion because the tournaments entered into by the taxpayer took place…
Q: How long do I have to rollover a retirement distribution? A: You have 60 days to rollover a retirement distribution from the day that you receive the distribution. Otherwise, the distribution, taken before the statutory distribution age, can be…
Thousands of small- to medium-sized businesses sell privately every year, so why use a professional M&A Advisor? There are several reasons, but in my experience most of my clients say they chose me to help them get the best possible…
Introduction With the start of a new tax year and the economy now in recovery mode, this is the best time to update the strategy for your business. Too often business people wait until late in the year to do…
In filing a Gift Tax Return, a donor of closely held stock failed to disclose on the return the method used to value the stock or any description of the discounts taken in valuing the stock. The IRS Office of…
Q: On December 16, 2010, a new tax bill was passed by the House and Senate. What does this mean for dividends and capital gains? A: Capital Gains and Qualified Dividends tax rates will be spared from going up as…
Almost without exception, all business sellers would prefer to get 100% of their selling price in cash at closing – and for some very good reasons. Most sellers have heard horror stories about other sellers who sold their business for…
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