Q: I need a loan. Can a loan be taken from an IRA? A: Loans are not permitted from IRAs or from IRA-based plans such as SEPs, SARSEPs and SIMPLE IRA plans. Loans are only possible from qualified plans that…
Q: I need a loan. Can a loan be taken from an IRA? A: Loans are not permitted from IRAs or from IRA-based plans such as SEPs, SARSEPs and SIMPLE IRA plans. Loans are only possible from qualified plans that…
Bargain Sale to Charity The Tax Court has ruled that a bargain sale to a charity qualified for a charitable deduction. The taxpayer held the intent that a senior center be built out of the property. He sold it to…
Not to rail on Congress, but do you own a race horse? Of course not! How about a NASCAR track? Nope. A manufacturing facility in Puerto Rico? No such luck there either. On December 15th, 2015 Congress performed their perennial…
Q: When should someone evacuate versus sheltering-in-place? A: In general, sheltering-in-place is appropriate when conditions require that you seek immediate protection in your home, place of employment, school or other location when disaster strikes. People should take steps to prepare…
In many cases the answer is “No.” There is no legal requirement that a business must be sold through an intermediary, and indeed, many thousands of businesses are sold every year without one. If the buyer is a family member…
Playing Chicken A district court sentenced a former CEO to 27 months in prison and one year of supervised release. The former CEO repeatedly filed false tax returns for his investment firm. Guidelines for the crime were 27-33 months. At…
Two weeks ago, Winter Storm Jonas dumped nearly 2 feet of snow on the east coast. Three weeks before that, the Mississippi was flooding the Midwest. Both events lead to huge business and economic losses. March is 26 days away…
Q: It is clear that I will end up owing taxes for the 2015 tax year. What can I do in order to reconcile the situation with the IRS? A: There are a few avenues that can be taken. First,…
It’s been estimated that the owner of a typical small- to medium-sized business has up to 90% of their personal net worth tied to their business. Their retirement plan is simple: Sell the business for a whole lot of money…
Early Interaction Initiative The IRS has developed the “Early Interaction Initiative”. The initiative acts by more quickly identifying employers that are getting behind on their payroll or employment taxes. It is designed to HELP employers, not hinder them. Methods such…
