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Valuation Strategies article:
Do Not Be Too Quick To Discount A Discount For Controlling Interests

Valuation Strategies CoverThis was a case where the Estate’s business valuator merely went through the motions without considering the facts in the case. (The business valuation company was one of the country’s largest). By doing so they caused the estate to overpay estate tax by approximately 2.3 million dollars. The widow’s consultant, based merely on common sense, suspected that the companies were overvalued. You will see from the article that I prepared amended valuations and an amended estate tax return and secured an estate tax refund in the amount of $2,689,270 refund which included interest in the amount of $266,084. …
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May 1, 2020

Rolling over capital gains into a qualified opportunity fund

If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). What … Continue reading Rolling over capital gains into a qualified opportunity fund May 1, 2020

Heed the lessons of your tax return and check your withholding

Every year’s tax return provides valuable lessons on the optimal amount that taxpayers should have withheld from their paychecks. Heeding these lessons is especially important if you end up owing a substantial amount of money. Of course, even if you get a nice tax refund, that shouldn’t necessarily be your goal. It essentially means you’re giving … Continue reading Heed the lessons of your tax return and check your withholding May 1, 2020

Benefit with a twist: The Roth 401(k)

Most everyone has heard of a 401(k) plan, and a sizable number of adults likely have at least a passing familiarity with the Roth IRA. What remains less well known among job candidates and employees is the Roth 401(k) plan. This retirement benefit with a twist might be worth offering to your staff, so long … Continue reading Benefit with a twist: The Roth 401(k) May 1, 2020

A large unpaid tax bill could put your passport at risk

Most Americans aren’t using their passports right now. But it’s still important to remember that, if the IRS certifies that you have a seriously delinquent tax debt (SDTD), your passport application could be denied, or your current passport could be limited or revoked. You have an SDTD if 1) you owe more than $53,000 (as … Continue reading A large unpaid tax bill could put your passport at risk April 1, 2020

Executive compensation requires informed decision-making

Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. So, how do you achieve that goal without attracting undue IRS scrutiny and claims of inappropriate compensation? By making informed, astute decisions. Start with the basics Compensation is affected by the amount of cash in your … Continue reading Executive compensation requires informed decision-making April 1, 2020

Reviewing business meal expenses under today’s tax rules

As the world battles coronavirus (COVID-19), companies aren’t doing much “wining and dining” of customers, prospects, vendors or employees. But someday you will again. With a hopeful eye on the future, let’s review the rules for deducting business meal expenses under the Tax Cuts and Jobs Act (TCJA). 3 basic rules Among the biggest changes … Continue reading Reviewing business meal expenses under today’s tax rules April 1, 2020

Seniors: Medicare premiums could lower your tax bill

Americans who are 65 and older qualify for basic Medicare insurance, but they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive — especially if you’re married and both you and your spouse are paying them. One aspect of paying premiums might be a positive, however: If … Continue reading Seniors: Medicare premiums could lower your tax bill April 1, 2020

Federal financial and tax relief addresses the coronavirus crisis

In response to the coronavirus (COVID-19) pandemic, major relief legislation has been signed into law and the IRS has also issued relief. Here’s a quick summary of some key provisions as of this writing: IRS Notice 2020-18. This postpones the April 15 income tax filing and payment deadlines and the April 15 estimated income tax payment … Continue reading Federal financial and tax relief addresses the coronavirus crisis April 1, 2020

Protect your estate with these two essential documents

Protect your estate with these two essential documents Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. To ensure that your wishes are carried out, and that your family is spared the burden of guessing — or arguing over — what you would … Continue reading Protect your estate with these two essential documents March 1, 2020

Gig workers, know your tax responsibilities

Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others, you’re a gig worker — part of a growing segment of the economy. In fact, a 2019 IRS report found that the share … Continue reading Gig workers, know your tax responsibilities