LEGAL TAX JUNKIES 10 COMMANDMENTS FOR 2024
Thou shalt not refrain from obtaining a business card from any person making in-person contact with you or members of your family in connection with your tax returns. Thou shalt not submit to any interview requests from any representative from the IRS, DOJ or any...
IRS Attacks Aggressive ERC Marketing Scams and How It Might Affect Your Business
The Internal Revenue Service (IRS) has recently introduced a new initiative to address concerns regarding the accuracy of Employee Retention Credit (ERC) claims. This program, unveiled on October 19 under the designations IR-2023-193 and FS-2023-4, offers a unique...
10 Common Tax Pitfalls for Small Businesses
Tax season can be stressful for any business, but it can be especially challenging for small businesses. With so many different tax rules and regulations to keep track of, it’s easy to make a mistake. Here are 10 common tax pitfalls that small businesses should...
Hunter Biden is expected to plead guilty and what it means for the rest of us 🧐
In the news today, Hunter Biden, the son of President Joe Biden, is expected to plead guilty to two federal misdemeanor counts of failing to pay his taxes as part of a plea agreement with the Trump-appointed U.S. Attorney in Delaware. The agreement also includes a...
What you need to know about this year’s Tax Day and how it could affect your tax returns
What you need to know about this year’s Tax Day that could affect your tax returns Tax Day in 2023 will be on April 18th. This is because April 15th, which is typically the deadline for filing taxes, falls on a Saturday in 2023, and the following Monday is a...
Ordinary Income vs. Capital Gains
ORDINARY INCOME VERSUS CAPITAL GAINS AND THE TAX TREATMENT OF EARN-OUTS A capital gain occurs when one sells or exchanges a capital asset is sold or exchanged at a price higher than its basis (its purchase price plus commissions and the cost of improvements net of...
Self-Employment Tax Issues
Employment Cases and Planning Implications The self-employment tax issue for closely held businesses has become more important in light of a number of self-employment tax cases decided by the Tax Court in the last year. Three recent cases look at the statutory...
Divorce: Potential Tax Implications
Divorce can be a challenging and emotional process, and it can also have significant financial implications. One area where this is particularly true is in federal taxes. Understanding the tax implications of divorce can help you make informed decisions and avoid...
What is a Closely Held Business
What is A closely held business? A closely held business is a privately owned company where a small group of individuals or a family owns a significant percentage of the company’s shares, typically more than 50%. The owners of a closely held business usually...