A family limited partnership is often created in estate planning and used as a means to easily transfer business assets owned by the parents when they are ready to start gifting interests in the business assets to their children.
Nobody likes to think about their own mortality, but we should always be thinking about our loved ones.
There are some important tax issues everyone should consider and understand as Tax Day approaches.
President Obama released his 2013 budget proposals on Feb. 13 and, with respect to taxes, there are items of interest in both the income and estate/gift areas.
The Internal Revenue Service recently released its fiscal year 2011 enforcement and service results.
Where did 2011 go?
The close of another tax year is almost upon us, which means it is time to once again talk about year-end tax planning. Individuals and businesses generally want to defer income and accelerate deductionswhen implementing year-end tax strategies. However, that general strategy may not prove beneficial if tax rates increase next year or you are experiencing alternative minimum tax.
Lately there has been a lot of discussion about the amount of tax being paid by various segments of our society.
On October 18, 2011 I have the privilege of participating in a seminar with Jane Kalfsbeek, CPA and Assistant District Attorney Stephen Taylor on preventing employee embezzlement. The seminar will include discussions on cash larceny, register disbursements, wire transfer schemes, payroll schemes, check tampering, and expense reimbursement frauds. My role in the seminar will be to provide a discussion on hidden tax costs that often result from employee embezzlement.
Recently President Obama proposed both tax hikes and tax breaks in his new jobs bill. However, what is receiving very little discussion currently are the Bush-era tax cuts that are set to expire at the end of 2012 and various other tax extenders that are set to expire at the end of 2011, or three months from now.
Section 2043 of the Small Business Jobs Act of 2010 removed cell phones from the definition of listed property for taxable years beginning after December 31, 2009. On September 14, 2011, the IRS issued Notice 2011-72 providing guidance to employers on the tax treatment of employer-provided cell phones.