Employee v. Contractor In this Tax Court Case, there was the taxpayer and the IRS. The taxpayer was working for the federal Department of State under a personal service contract or PSC. The PSC clearly dictated essentially every detail of…
Employee v. Contractor In this Tax Court Case, there was the taxpayer and the IRS. The taxpayer was working for the federal Department of State under a personal service contract or PSC. The PSC clearly dictated essentially every detail of…
Working another client recently I was struck once again by the importance of analyzing and recasting – and possibly even restructuring – your company’s financial statements as the first step in getting your business ready for sale. Like almost all…
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,…