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…
Q: Do you have any last minute tax advice? A: For most taxpayers in business, I would recommend making payments a little early in order to reduce taxable income. For those looking to take capital gains or dividends, quickly take…
In an IRS Letter Ruling, the IRS decided that two life insurance policies were not includible in the gross estate of a decedent. In the case, two trusts owned a limited partnership which owned two life insurance policies. On the…
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…
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