Since the exemption from the federal estate tax is currently $5,250,000, indexed for inflation, some may say that federal estate tax planning and estate tax preparation are dead. If the emphasis is on … [Read more...] about EFFECTIVE ESTATE PLANNING TOOL – INTENTIONALLY DEFECTIVE GRANTOR TRUST

Proper tax planning and tax preparation considerations require that all taxpayers take the necessary steps to properly document their transactions. Failure to document transactions can lead to … [Read more...] about UNREASONABLE COMPENSATION – S CORP LOAN RECHARACTERIZED AS WAGES

Proper tax planning and tax preparation considerations require that taxpayers substantiate their tax deductions and document them. If these two steps are done, then most tax deductions will be … [Read more...] about INDIVIDUAL TAXPAYER DENIED DEDUCTIONS – IRS IMPOSES ACCURACY RELATED PENALTY

Proper tax planning and tax preparation considerations need to be addressed by many business owners because of an IRS ruling. Effective January 1, 2014, if a business adds service charges to … [Read more...] about WHEN A TIP LEFT AT A RESTAURANT IS NOT A TIP

Proper tax planning and tax preparation considerations are not found when using a commercial tax preparation software package. Just imagine if you could be taxed at long-term capital gain rates rather … [Read more...] about LUMP-SUM DISTRIBUTION OF APPRECIATED EMPLOYER SECURITIES FROM A 401(K) PLAN

Whether you are an employer hiring independent contractors, or you are an independent contractor working for a business, you need to understand the tax planning implications of a worker classified as … [Read more...] about TAX PLANNING NEEDED – EMPLOYEE VS. INDEPENDENT CONTRACTOR