The Tax Court found that a retired law firm partner’s guaranteed payments were reportable as ordinary income, not as a capital gain. In the case, the taxpayer was an equity partner of a law firm. Each equity partner was entitled…
The Tax Court found that a retired law firm partner’s guaranteed payments were reportable as ordinary income, not as a capital gain. In the case, the taxpayer was an equity partner of a law firm. Each equity partner was entitled…
Introduction It is official. The Patient Protection and Affordable Health Care Act has passed Congress and was signed by the President on March 23, 2010. The law changes the entire paradigm behind healthcare and even changes some tax rules. While…
Q: What is the difference between a living will and a health care power of attorney? A: For all practical purposes a health care power of attorney gives the power to a proxy to make health care decisions in the…
Most business owners have developed a lot of expertise at running their own business, but are not experienced in selling a business. Without professional assistance, they will often make costly mistakes if they attempt to handle the sale of their…
Two home energy tax credits for homeowners have been expanded starting in 2009. The non-business energy property tax credit is equal to 30% of up to $1,500 of a homeowner’s expenses on eligible energy-saving improvements. The $1,500 limit is for…
Introduction The tax year of 2009 has been over for months and you have already filed your taxes, or maybe you haven’t. You aren’t happy with the return you are getting or maybe you even owe money. You wonder, “Is…
Q: What is the last day one can contribute to their retirement account for purposes of a tax deduction? A: For retirement account contributions, April 15 of the following year is the last day one can contribute an amount that…
Selling a business takes careful preparation, the ability to reach an optimum number of qualified buyers and still maintain confidentiality, and the ability to handle a complex transaction. Most business owners have developed a lot of expertise at running their…
The Tax Court has held that cash disbursements from a closely-held company to its sole shareholder, in addition to payments for a variety of expenses, resulted in constructive dividend income to the shareholder. The taxpayers were further found liable for…
Introduction Recently, The Center dealt with a situation where a corporation was keeping insufficient records. While this may sound like a no-harm, no-foul prospect, having little or no records in this case became a dire situation. In fact, the court…
