In their book, The $10 Trillion Opportunity, Richard Jackim and Peter Christman note that: “…Within the next 20 years, more than 90 million people in the US and Canada will be retiring. These are the “baby boomers,” the generation born…
Q: Recently I have heard that Congress and the Obama Administration have enacted a law (known as the HIRE Act) encouraging employers to hire unemployed workers. How does this new law work? A: Employers hiring unemployed workers between Feb. 3,…
The Tax Court has disallowed a denial of fraud by a corporation. In the case, the corporation’s president and sole shareholder was criminally convicted for willful failure to collect and pay employment and withholding taxes. The corporation wanted to claim…
Introduction We are all aware of the situation in the Gulf of Mexico. BP’s “Deepwater Horizon” oil rig exploded and sank in late April, leaving on open well behind that has been a big challenge for everybody to handle. As…
The ability to access IRA or other retirement account assets to fund the acquisition of a business, whether it’s an on going business or a start-up, has been available since IRAs were created in 1974. However, it has only been…
Q: I just opened a business and formed it as a Limited Liability Company under my state’s laws. For federal tax purposes, how do I classify my LLC? A: An LLC may be classified for federal tax purposes as a…
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…
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-six and the youngest are embarking on their…
In the real world of buying and selling businesses, some businesses have a very large component of goodwill, while others have little or none. The concept of goodwill is confusing to most business owners, and many hold serious misconceptions about…
Q: I am planning on financing my child’s education for college. Are there any good strategies to follow when saving for college expenses? A: There are a number of good avenues to follow when planning your child’s education financing. First,…
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