A sole member of a Limited Liability Company (LLC) was held personally liable for the LLC’s unpaid employment taxes by the Tax Court. The LLC was disregarded as a separate entity under the check-the-box regulations for federal income tax purposes. …
It seems that more and more business owners are asking me that question these days. Given the recent “perfect storm” of collapsing financial markets, tighter credit, growing unemployment and a worsening economic recession, it’s a very fair question. My answer…
Q: What is the capital gains tax rate for stocks that I sell in 2012? A: If the stock was held for less than one year, the capital gains rate is generally the same rate as the taxpayer’s ordinary rate. …
Introduction There were 66 million babies born between 1945 and 1964. The era was known as the “Baby-Boom” and the “Boomers” are reaching retirement age. In fact, the oldest are now turning sixty-seven and the youngest are embarking on their…
An S Corporation was allowed to use a lower figure, rather than the sale price, when calculating the tax on built-in gains for the sale of a partnership interest. The built-in gains tax is a tax on an S corporation’s…
Most everyone has heard that the three most important factors in determining the value of real estate are Location, Location, and Location. It is equally true that the three most important factors in valuing an ongoing business are Cash Flow,…
Q: I have a small business. What is the best way to pass the business on to my family when the time comes? A: First, there is no one size fits all business succession plan. Service businesses, retail businesses, and…
Introduction The past few years have been exciting for those watching and keeping up with the entity known as the “Series Limited Liability Company” (Series LLC). So much has happened and so much has developed. From the treatment given from…
A U.S. District Court has upheld the IRS’ right to a levy on a taxpayer’s home for unpaid taxes. In the case, the taxpayer owed $250,000 in unpaid income tax, penalties, and interest. The IRS had previously tried to collect…
There is probably no greater truth in all business mergers, acquisitions, and sales – for buyers, sellers and M&A advisors alike – than “Time Kills All Deals.” In my experience, no other factor has caused more potentially good deals to…
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