The IRS has issued guidance regarding employer federal tax deposits to be made by electronic funds transfer. Normally, comments by the public would be taken to buffer issues that would come about and the IRS would make changes as necessary…
Q: I own a business that is moderately successful and would like to see it passed on to my wife and children. How and when is the best time to start the process or begin planning the transfer? A: The…
The typical business owner will only sell a business once. Understanding the complex process involved will help produce the best results. But don’t fall prey to the myths that can derail or seriously affect a potential sale. Myth #3 –…
Introduction As of last year, the estate tax was in a “repealed” status. Anyone passing away in 2010, including the late owner of the New York Yankees, George Steinbrenner, was fully exempt from the estate tax. However, as of January…
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…
Q: What should I do if I made a mistake on my tax return that I have already filed? A: It depends on the kind of mistake that you made. Most mathematical errors are caught in the processing of the…
The typical business owner will only sell a business once. Understanding the complex process involved will help produce the best results. But don’t fall prey to the myths that can derail or seriously affect a potential sale. Myth #1 –…
Introduction In a deal between Republican and Democratic leaders, on December 17, 2010, the President signed “The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010”. It is important to all business people and many individuals. The new…
The Tax Court has found that a taxpayer participating in tournament sport fishing was doing so for recreational purposes, not for making a profit. The Court came to this conclusion because the tournaments entered into by the taxpayer took place…
Q: How long do I have to rollover a retirement distribution? A: You have 60 days to rollover a retirement distribution from the day that you receive the distribution. Otherwise, the distribution, taken before the statutory distribution age, can be…
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