The Tax Court has ruled that a son’s work and aid in a business owned by his parents did not result in taxable compensation, but were instead construed to be a gift. The taxpayer in question worked and aided his…
Introduction The Center recently received a call regarding situations involving minority share stocks and lack of marketability. When businesses are valued, whether that reason is for a business sale, exit planning, or another reason, generally the owner likes to see…
This is the third in a series of articles outlining the steps any business owner can take to maximize the value of his/her business when it comes time to sell. If you’d like to see previous articles in this series,…
Introduction Certain tax deductions are set to expire at year’s end. Among them are the enhanced Section 179 deduction and bonus depreciation. The decisions you make in these final months of 2009 can have a major impact on your taxes…
The annual limit on deductible contributions for Health Savings Accounts (HSA) has been adjusted for inflation for 2010. The limit for 2010 for an individual with self-only coverage through a high-deductible health plan (HDHP) has been raised from $3,000 to…
Q: I am looking to have my company valued. What is the best method available to value a company? A: There is no one method of valuation available that trumps every other method. Under the standards dictating the procedures used…
This is the second in a series of articles outlining the steps any business owner can take to maximize the value of his/her business when it comes time to sell. If you’d like to see previous articles in this series,…
Introduction During the early part of 2009, the economy in the United States faced a dire situation. The scenario unfolding was one of high unemployment, tight credit, low consumer spending, bankruptcies, foreclosures, and health insurance issues. To work its way…
A chief executive officer (CEO) was found liable for employment taxes that were not paid by a subsidiary company. In this case, the taxpayer was the CEO for a holding company. One of the holding company’s wholly-owned subsidiaries had failed…
Q: I purchased rental property and there were a lot of costs involved. What costs am I allowed to deduct? A: You are allowed to deduct interest and real estate taxes, for the most part. Other fees such as closing…
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