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Court unravels complex real estate case
On the surface, a recent Tax Court case appears unremarkable, but it involved application of the Internal Revenue Code to a rather unusual set of facts. In 1962, Adelina Van immigrated to the United States from China, as a single mother with...
How to keep goodwill during a sale
The time has come. You've decided to sell your business. You know that a great deal of your business's value comes from your existing client base. The potential buyer, whoever he may be, may not want your building, your processes or your company...
Compensation: How to split the pie
How to divide law partner compensation is an area of practice management that causes more problems for a firm than most other areas. Generally, the smaller the firm, the easier it is to make a decision on how to split money. But as firms grow...
How Much Is Your Business Worth?
Why do you need a business valuation? The prospective sale of the company might seem to be the obvious reason for getting a business valuation, but there are many other reasons as well. They include: Estate, gift and trust planning– To...
Stay One Step Ahead of Uncle Sam
Tax planning is essential for two very important reasons. The first reason is to ensure you take advantage of opportunities BEFORE the year is over. The second is that you are informed well in advance of April 15th of what your...
Navigating the Minefield of Independent Contractor or Employee?
A big issue facing business owners today is determining if an individual should be hired as an employee or as an independent contractor. The government does not take this issue lightly. Misclassifying workers as independent contractors can result...
SECTION 1031 TAX-DEFERRED EXCHANGE
Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you to postpone paying tax on the gain if you reinvest the...
NO MORE MR. NICE GUY WHEN DEALING WITH TAX EVASION
The federal government is expanding its crackdown on offshore tax evasion and preparing numerous criminal cases against suspected offenders. It has been four years since the agreement between the United States and Switzerland pierced a veil of...
The Results are in! What the Taxpayer Relief Act of 2012 means to you
If you are as concerned about the financial implications of the recent tax law changes as the majority of our clients are, then I hope you take a few minutes to read over our summary of the significant developments of the American Taxpayer Relief...
Illinois Small Business Job Creation Tax Credit
Previously Illinois created the Small Business Jobs Creation Tax Credit that was a pilot program created to help reverse the trend of high unemployment in Illinois and to help spur the economy to recovery, by assisting and encouraging small...
Home sales tax rumor squelched
Rumors are circulating that all real estate transactions, including sales of personal residences, will be subject to a new 3.8 percent federal sales tax beginning in 2013. These rumors are false. The rumors resurfaced after the Supreme Court upheld...
Partnership catches unexpected break
Sometimes the IRS gives you a second chance. That was the case in a private letter ruling the IRS issued to an unnamed partnership. But remember that private letter rulings cannot be cited as authority for anyone other than the taxpayer to whom it...
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For more detailed Arizona tax payment instructions or support on your taxes, please reach out to our Tax Team or call us at 623.250.6544.
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