When Partners Pay Expenses Related to the Business
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture […]
Watch Out for “Income in Respect of a Decedent” Issues When Receiving an Inheritance
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to […]
How Fraud Perpetrators Conceal Their Illicit Activities
When employees commit fraud, they generally try to keep the schemes going as long as possible by concealing their activities from others. How […]
When Businesses May Want to Take a Contrary Approach with Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the […]
The Pros and Cons of Turning Your Home into a Rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom […]
Estimating Damages: Lost Profits vs Diminished Business Value
In commercial litigation, it’s common for business valuation experts to measure damages based on lost profits or diminished business value — or both. Here’s an introduction to […]
Don’t Have a Tax-Favored Retirement Plan? Set One Up Now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible […]
Keep These 3 Issues in Mind After You File Your Tax Return
You may have filed your tax return by the due date (4/15/2024), or you may have filed an extension until 10/15/2024. In either […]
Got Fraud Losses? How Experts Put a Number on Them
If your company suffers significant losses due to a fraud incident, you may decide to pursue the perpetrator in court, possibly to obtain […]
Scrupulous Records and Legitimate Business Expenses are the Key to Less Painful IRS Audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record […]
