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Tax Newsletter

by posted Aug 8 2017 4:04:00 PM
SHOULD YOU CONVERT FROM A C CORPORATION TO AN S CORPORATION? Many private business owners elect to incorporate, turning their companies into C corporations. But, at some point, you may consider converting to an S corporation. This isn’t necessarily a bad idea, but it’s important to know the ramifications involved. Similarities and d
by posted Jul 7 2017 3:56:00 PM
WHY YOU SHOULD (OR SHOULDN'T) PURSUE AN ACQUISITION Like so many aspects of the national and global economies, merger and acquisition (M&A) activity tends to wax and wane. Nonetheless, billions of dollars continue to change hands annually, and an acquisition can be a great way to grow a business. So if one of these deals comes your way, it&r
by posted Jun 5 2017 9:20:00 AM
IN DOWN YEARS, NOL RULES CAN OFFER TAX RELIEF From time to time, a business may find that its operating expenses and other deductions for a particular year exceed its income. This is known as incurring a net operating loss (NOL). In such cases, companies (or their owners) may be able to snatch some tax relief from this revenue defeat. Under the
by posted May 3 2017 10:36:00 AM
COULD A COST SEGREGATION STUDY SAVE YOUR COMPANY TAXES? If your business has acquired, constructed or substantially improved a building recently, consider a cost segregation study. One of these studies can enable you to identify building costs that are properly allocable to tangible personal property rather than real property. And this may allow
by posted Apr 5 2017 8:43:00 AM
REVIEWING YOUR COMPANY'S BUY-SELL AGREEMENT If you own a business and follow professional advice, you’ve likely established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. Assuming this is true, remember that it’s not enough to draft an agreement and put it in a safe place. You need to
by posted Mar 3 2017 8:53:00 AM
GOT NEXUS? FIND OUT BEFORE OPERATING IN MULTIPLE STATES For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligati
by posted Feb 2 2017 9:23:00 AM
  CONSIDER SEPARATING REAL ESTATE ASSETS FROM YOUR BUSINESS Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially be
by posted Jan 3 2017 3:04:00 PM
DAFS BRING AN INVESTMENT ANGLE TO CHARITABLE GIVING If you''re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give — and to whom — until the time is righ
by posted Dec 1 2016 3:01:00 PM
DON'T LET CAPITAL LOSSES GET YOU DOWN No one wishes to lose money on an investment. But, if it happens to you, don’t let it get you down. You may be able to lower your tax bill to cheer yourself up. The bright side A capital loss occurs when you sell a security for less than your “basis,” generally the original purchase pr
by posted Oct 3 2016 9:09:00 AM
TAKE THE WORRY OUT OF BUSINESS VALUATIONS Appraisals can inspire anxiety for many business owners. And it’s understandable why. You’re obviously not short on things to do, and valuations cost time and money. Nonetheless, there are some legitimate reasons to obtain an appraisal regularly or, at the very least, to familiarize yourself wi
by posted Sep 1 2016 12:41:00 PM
AMT AWARENESS: BE READY FOR ANYTHING When it comes to tax planning, you’ve got to be ready for anything. For example, do you know whether you’re likely to be subject to the alternative minimum tax (AMT) when you file your 2016 return? If not, you need to find out now so that you can consider taking steps before year end to minimize pot
by posted Aug 2 2016 2:19:00 PM
KNOW YOUR OPTIONS FOR BUSINESS INTEREST TRANSFERS Business owners should always know their options when it comes to their company and its relation to their estate plans. Let’s take a look at some commonly chosen vehicles for transferring ownership interests in a business. The great GRAT With a grantor retained annuity trust (GRAT), you tra
by posted Jul 1 2016 1:26:00 PM
HAVE A HOUSEHOLD EMPLOYEE? BE SURE TO FOLLOW THE TAX RULES   Many families hire people to work in their homes, such as nannies, housekeepers, cooks, gardeners and health care workers. If you employ a domestic worker, make sure you know the tax rules. Important distinction Not everyone who works at your home is considered a household employ
by posted Jun 3 2016 9:05:00 AM
Beware The Transfer-For-Value Rule When Dealing With Life Insurance Life insurance typically is a key component of an estate plan. To keep the value of a life insurance policy you already own out of your taxable estate, or to achieve other planning goals, it may make sense to transfer the policy. But income tax traps exist. One is the transfer-for
by Tax & Business Alert posted May 6 2016 9:27:00 AM
JUGGLING FAMILY WEALTH MANAGEMENT IS NO TRICK Preserving and managing family wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained family wealth management p
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