Inheriting Stock or Other Assets? You’ll Receive a Favorable “Stepped-up Basis”
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.
Potential Roadblocks to Valuing a Business in Divorce Proceedings
Divorce is never easy. But when the marital estate includes a private business interest, matters can become especially complicated. Here are some challenges that may be encountered […]
Use an S Corporation to Mitigate Federal Employment Tax Bills
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder!
That E-mail or Text from the IRS: It’s a Scam!
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come […]
Starting a Business? How Expenses will be Treated on your Tax Return
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are […]
How “Phoenix” Companies Abuse Bankruptcy Protection and Defraud Investors
According to S&P Global, there have been at least 230 corporate bankruptcy filings thus far in 2023 (through early June). That’s more than […]
The Best Way to Survive an IRS Audit is to Prepare
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior […]
The Trust Fund Recovery Penalty: Who Can it be Personally Assessed Against?
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery […]
How the Pros Use Public Data to Value Private Businesses
Business valuation professionals often use public stock market data to value private businesses — even though there are critical differences between closely held and publicly traded companies. […]
Are You Married and Not Earning Compensation? Your May be Able to Put Money in an IRA
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable […]
