Taxes

Article Highlights The Importance of Business Succession Planning The Main Issues The People Aspect The Money Aspect Cross-Purchase Agreements Entity-Purchase Agreements Sales, Gifts, and Inheritances Summary The Importance of Business Succession Planning Every business – large and small – needs a business succession plan.  Just

Recently, the Internal Revenue Service (IRS) has markedly intensified its efforts to uncover instances of tax evasion, leaving no room for tax dodgers to go unnoticed. A striking case that serves as a stern reminder of this heightened scrutiny involves Dr. Fares J. Rabadi, a

Article Highlights: Partner Employee Issue Self-employment Tax If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership so the partners can participate in employee benefit plans and receive other employee benefits, you’d better read this.

Few financial events are worse than a big tax bill with penalties from the IRS. If you are a spouse and you were unaware of potential errors or underreporting on your tax return, you may be eligible for innocent spouse relief. To qualify for innocent

Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation)

A recent Stanford study reviewed the aftermath of the Enron collapse and the repercussions to Enron's accounting firm's former clients. The primary trend they identified was when former clients issued accounting restatements or revisions because of less-than-accurate bookkeeping; there was an increase in the salary

Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When

The kids are back in school! Things like student loans, scholarships, and fellowship grants can play a role in parents’ and college students’ tax liability. Let’s look at how education costs can impact your taxes. Student Loan Forgiveness Student debt is a hot topic.  As

When we’re young and vibrant, we think that we’ll never grow old.  We enjoy each day never thinking there might come a day when we’ll need help to get by.  When we think of elder care, we might picture a nonagenarian in a wheelchair living

Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty