Q: I would like to file an amended return. Can I go back 8 years? A: Generally a claim for a refund must be made within 3 years of its due date. However, we have amended returns 6 years ago,…
Q: I would like to file an amended return. Can I go back 8 years? A: Generally a claim for a refund must be made within 3 years of its due date. However, we have amended returns 6 years ago,…
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…
In October of 1962 the United States was almost dragged into a nuclear war with Russia because of Cuba. In response to the failed Bay of Pigs Invasion and the presence of American ballistic missiles within range of Moscow, Cuba…
Employee v. Contractor In this Tax Court Case, there was the taxpayer and the IRS. The taxpayer was working for the federal Department of State under a personal service contract or PSC. The PSC clearly dictated essentially every detail of…
Working another client recently I was struck once again by the importance of analyzing and recasting – and possibly even restructuring – your company’s financial statements as the first step in getting your business ready for sale. Like almost all…
Q: I need a loan. Can a loan be taken from an IRA? A: Loans are not permitted from IRAs or from IRA-based plans such as SEPs, SARSEPs and SIMPLE IRA plans. Loans are only possible from qualified plans that…
Bargain Sale to Charity The Tax Court has ruled that a bargain sale to a charity qualified for a charitable deduction. The taxpayer held the intent that a senior center be built out of the property. He sold it to…
Not to rail on Congress, but do you own a race horse? Of course not! How about a NASCAR track? Nope. A manufacturing facility in Puerto Rico? No such luck there either. On December 15th, 2015 Congress performed their perennial…
Q: When should someone evacuate versus sheltering-in-place? A: In general, sheltering-in-place is appropriate when conditions require that you seek immediate protection in your home, place of employment, school or other location when disaster strikes. People should take steps to prepare…
In many cases the answer is “No.” There is no legal requirement that a business must be sold through an intermediary, and indeed, many thousands of businesses are sold every year without one. If the buyer is a family member…