The US Court of Appeals found that an IRS summons for an appraiser’s report was in good faith and resulted in the appraiser’s report being discoverable by the IRS. In the case, the taxpayer had an appraisal done of an…
The US Court of Appeals found that an IRS summons for an appraiser’s report was in good faith and resulted in the appraiser’s report being discoverable by the IRS. In the case, the taxpayer had an appraisal done of an…
Q: Can the Section 179 expenses be carried forward into future years if all of the deduction cannot be used in the current year? A: Yes, 179 expenses can be carried forward if enough income is not present to be…
This article appeared in the September 12, 2012 edition of the Wall Street Journal. The authors observed that: “The weak economy has been tough for small-business owners across the board, with their total revenue inching up by just 3% since…
Introduction Last month, in The Advisory titled, “THE HIGH PRICE OF NOT OBTAINING ADVICE”, The Center wrote on common omissions many businesses endure. Among the problems were a lack of tax strategy, a lack of business succession planning, and a…
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…
Q: When I sell my business, what assets can I expect to keep in the transaction? A: When a business is sold, the asset purchase agreement dictates which assets are sold and which assets are kept by the seller. Typically,…
A business owner who is thinking about selling his business sometime in the next few years recently asked me: “How soon should I begin working with a business broker?” My response was: “Probably a lot sooner than you think!” The…
Introduction Throughout my career as an attorney, I have seen many tax and legal situations which could have been easily avoided if the person had good tax counsel and advice early on. Recently, it has brought to my attention that…
Trademarks and Trade Names IRS Chief Counsel announced recently that intangible items such as trademarks, trade names, mastheads and customer-based intangibles can qualify as like-kind property. In order to qualify, they must be described and valued separately from goodwill. If…
Q: If I have tax issues, can I discharge the tax debt in bankruptcy? A: Generally, tax obligations are not dischargeable in bankruptcy. However, the use of the bankruptcy code can be beneficial in some tax situations. The automatic stay…
