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August 1, 2015

Court of Appeals Rules IRS Lien Is Superior To Bank Lien on Rental Income, When IRS Lien Pre-Dates the Receipt of Rental Income

Bank Security Interest The Seventh Court of Appeals has ruled that a lower court’s decision resulting in the IRS having an inferior lean to a superior bank lean was incorrect. In the case, the property had a bank lien on…

August 1, 2015

Merger & Acquisition FAQ – August 2015

Q: What forms do we file to report a loss on the sale of a rental property? A: Rental property is income-producing property and as such, considered business property. Report the loss on the sale of rental property on form…

August 1, 2015

The One Million Dollar Question: Literally in Some Tax Scenarios Part 1 of 2

Introduction Recently we’ve been writing a lot about valuing and exiting your business. Today we turn to what happens after you decide to sell your business and before signing the letter of intent. In the excitement of the process, one…

July 1, 2015

Ten ESOP Fables – Debunked – Part VI

This is the sixth – and last – in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #10: An ESOP will remedy all of my company’s problems. While the Employee…

July 1, 2015

Tax Court Rules Vacation & Sick Pay Must Be Reported As Taxable Income

Valuations Include Everything Recently the Tax Court ruled that vacation and sick pay are compensation items to be included as income tax when paid to a taxpayer. In the facts, the taxpayer was a police officer on a city police…

July 1, 2015

Merger & Acquisition FAQ – July 2015

Q: I purchased stock from my employer under a § 423 employee stock purchase plan and received a Form 1099-B for selling it. How do I report this? A: Under a § 423 employee stock option plan, you have taxable…

July 1, 2015

Who Wants My Business?

How are you going to end the relationship with your business? Believe it or not, that day will come. Fortunately, you have a number of options to plan your exit and watch your legacy continue. Four good, viable options exist…

June 1, 2015

Ten ESOP Fables – Debunked – Part V

This is the fifth in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #8: I fear that my employees can sell their stock to someone else. Another common fear of…

June 1, 2015

Tax Court Finds Deficiencies In Business Valuations Submitted By Tax Payer And IRS

Valuations Include Everything The Tax Court upheld a stock valuation in a closely held business. The taxpayer transferred nearly 10,000 shares valued at roughly $220 per share into 20 irrevocable trusts. The IRS disagreed with the valuation and believed it…

June 1, 2015

Merger & Acquisition FAQ – June 2015

Q: If I lease office furniture with the option to buy, when do I depreciate the purchase price? A: You must first determine whether the agreement is a conditional sales contract or a lease agreement. If you gain equity or…

Court of Appeals Rules IRS Lien Is Superior To Bank Lien on Rental Income, When IRS Lien Pre-Dates the Receipt of Rental Income

Merger & Acquisition FAQ – August 2015

The One Million Dollar Question: Literally in Some Tax Scenarios Part 1 of 2

Ten ESOP Fables – Debunked – Part VI

Tax Court Rules Vacation & Sick Pay Must Be Reported As Taxable Income

Merger & Acquisition FAQ – July 2015

Who Wants My Business?

Ten ESOP Fables – Debunked – Part V

Tax Court Finds Deficiencies In Business Valuations Submitted By Tax Payer And IRS

Merger & Acquisition FAQ – June 2015

The Top Reasons Why You Need to Know the Value of Your Business

To Sell or Not to Sell

What to Expect from the Due Diligence Process