Introduction Although at the stroke of 12:01am New Year’s Day, this country officially fell off the fiscal cliff (the combination of increased taxes and decreased spending which would have slowed the economy), Congress and the President agreed to measures that…
Employee v Independent Contractor In a Memo, the Tax Court concluded that an adjunct professor was an employee for tax purposes as opposed to an independent contractor. As a consequence of being an employee as opposed to an independent contractor,…
Q: What form is the manufacturing deduction calculated on? A: IRS Form 8903 is the appropriate form to calculate and report the manufacturing deduction. Q: Can the section 179 expenses be carried forward into future years if all of the…
Admittedly, this will be a bit of a departure from my usual op-ed piece on the process of buying or selling a business, but over the holidays one is occasionally called upon to lead one’s family in prayer before a…
Bona Fide Business Exception A U.S. District Court in Indiana has held a husband and wife’s transfers of membership interests in a limited liability company (LLC) to their children failed to qualify for the exception to the special valuation rules. …
Sometimes in the process of buying or selling a business, buyers – and sellers – get caught up in negotiating the best possible deal for themselves and lose sight of their ultimate objective, which is presumably to buy – or…
Introduction The fact of the matter is that businesses in this country and all over the world face a gauntlet of peril. From rising fuel prices, rising commodity prices, clients filing bankruptcy on their payables, clients not paying, or even…
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…
I’m sure you’ve heard it said that the three most important factors in determining the value of real estate are: Location, Location, and Location. While many factors contribute to the value of a property, such as square footage, # of…
Q: Where is the best place to store estate plan documents? A: The best place to store estate plan documents is in a secure location that others know of and that is easily accessible. Storing the documents in a safe…