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…
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…
Introduction It is that time of year again! Time to put up the holiday displays, be merry, spend money, and get ready for tax season! A lot of people don’t want to think about it, but (if you plan properly)…
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…
