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…
Q: I am interested in contributing money to my Individual Retirement Account for 2009. Can I still contribute money for the 2009 tax year and if so, when do I have to do this? A: Taxpayers have until April 15,…
Many professional M&A advisors display one or more professional designations behind their name, or in their signature block, in addition to the abbreviations for the college degrees they may have earned. While some college degrees are familiar to many business…
The Tax Court held that a settlement payment received by an S corporation for a trade secret misappropriation lawsuit was taxable as ordinary income. In the case, the corporation entered into a settlement agreement with another company. The S corporation…
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