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This 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. …
Continue reading Do Not Be Too Quick To Discount A Discount For Controlling Interests →
January 8, 2020
Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. If you still have sales staff or other workers out on the road, and you’re reimbursing them on a tax-free basis for their travel expenses, it’s important for you as the employer to stay up to date on …
Continue reading Determining an employee’s “home” for reimbursement purposes →January 8, 2020
It’s an awful feeling to learn that someone has used your credit or debit card to make fraudulent charges. Whether you’re liable typically depends on the type of card, whether you still possess the card and when you alert the issuer. Credit cards If your card is lost or stolen and you report it to …
Continue reading What to do about fraudulent credit or debit card charges →January 8, 2020
As a business owner, you have to keep your eye on your company’s income and expenses and applicable tax breaks. But you also must look out for your own financial future. And that includes creating an exit strategy. Buy-sell agreement When a business has more than one owner, a buy-sell agreement can be a powerful …
Continue reading Every business owner needs an exit strategy →January 8, 2020
January 15 — Individual taxpayers’ final 2019 estimated tax payment is due. January 31 — File 2019 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2019 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments with the IRS and provide copies to recipients. Most employers must file Form …
Continue reading Tax calendar →January 8, 2020
Although the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates through 2025, there’s no guarantee you’ll receive a refund or lower tax bill. Some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. For this reason, it’s important to know your bracket. Some single …
Continue reading Do you know your tax bracket? →May 22, 2019
We’d like to congratulate our Firm Manager, Amanda Gabel on being awarded the designation of Public Accounting Firm Manager (PAFM). Amanda has been with us since 2007.
