IRS Tax Planning Ideas, Tips & News

This is a tale of two taxpayers being audited by the IRS for non-cash charitable contributions.  Let’s see how their audit exams went. Taxpayer A (let’s call her Mary) made $3,000 worth of … [Read more...] about TALE OF TWO TAXPAYERS AND NON CASH CHARITABLE CONTRIBUTIONS

Some employers allow employees to defer current earnings until their retirement years. There are numerous rules regarding the taxation of deferred compensation which may include how long the … [Read more...] about DEFERRED COMPENSATION – HOW IS IT TAXED?

Ronald Weiszmann (Weiszmann v. Commissioner, U.S. Tax Court) graduated from college as an engineer. Not wishing to be employed as an engineer, Mr. Weiszmann took a job with Marathon Oil Company as a … [Read more...] about EDUCATION EXPENSES THAT ARE NOT TAX DEDUCTIBLE

You likely have read that the entertainer, Prince, made a $250 million mistake by not having a will or estate plan in place. The future inheritance process could cost his heirs tens of millions of … [Read more...] about BE A PRINCE, OR NOT BE A PRINCE, THE CHOICE IS YOURS

Our May 3, 2016 post discussed the importance of keeping business transactions separate from personal transactions so the corporate veil is not pierced. When we speak of the corporate veil, it not … [Read more...] about ALTER EGO IS HOW IRS PIERCES CORPORATE VEIL

To protect your hard-earned assets, every business owner should operate in the form of a limited liability legal entity. We often hear business owners say that they don’t need a limited liability … [Read more...] about HOW TO LOSE YOUR LIMITED LIABILITY PROTECTION