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…
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…
Let me ask three questions. Are you: Depressed because you blew all of your opportunities to lower your taxes? Thinking about all the lost opportunities to retire at a younger age? Regretting all of the Christmas eating and New Year’s…
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…
If you have $1 (one dollar) in your retirement account and you are age 25-64, congratulations you have more money in your retirement account than 45 percent of Americans in that age bracket. Many Americans are not saving for their…
Q: What should I do if I made a mistake on my tax return that I have already filed? A: It depends on the kind of mistake that you made. Most mathematical errors are caught in the processing of the tax return…
Conservation Easement The Tax Court held that an examiner properly assigned penalties. In the case there was a husband and wife (taxpayers), an examiner, and a plot of land involved. In 2007, the taxpayers donated a parcel of land with…
It’s estimated that only about 80% of all Letters of Intent ultimately result in a closing, usually because the transaction didn’t survive the due diligence process. At the same time, it’s safe to say that no aspect of the business…
Domestic Production Activities Deduction The IRS Chief Counsel determined that mobile billboards qualify for Code Section 199 Production Activity Deduction. In this determination, the taxpayer submitted a fact pattern based on two sets of facts. The first set of facts…
Q: I am interested in giving my employees some kind of employee ownership. What do you recommend? A: While I cannot recommend or give out legal advice via newsletter, one item of interest would be an employee stock ownership plan…
