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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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September 28, 2022

Offset nursing home costs with possible tax breaks

If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know there may be several possible tax benefits. Medical expense deductions The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other qualified … Continue reading Offset nursing home costs with possible tax breaks September 22, 2022

Large cash business transactions must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. Here are some details. The requirements Each person who, while operating a trade or business, receives more than $10,000 in cash in one transaction (or at least two related transactions), must file Form … Continue reading Large cash business transactions must be reported to the IRS September 15, 2022

Business owners, divorce and the potential for fraud

It’s difficult enough to divide a marital estate. But when a divorcing spouse owns a private business and attempts to artificially deflate its profits or hide assets, it may be time to engage a forensic accountant to investigate. What to ask When working on divorce cases, fraud experts ask several questions about private business interests. … Continue reading Business owners, divorce and the potential for fraud September 7, 2022

Large unpaid tax bills could endanger your passport

If you have a large unpaid federal tax bill, beware. A 2015 law allows the U.S. State Department to deny your passport application — or revoke or limit your current passport — if the IRS certifies that you have a seriously delinquent tax debt (SDTD). How large does the debt have to be to qualify? … Continue reading Large unpaid tax bills could endanger your passport August 29, 2022

When is employer-provided life insurance taxable?

If your company benefits include group term life insurance paid by your employer, a portion of the premiums paid for the coverage may be taxable. Depending on the amount of coverage you’re provided, some of it may create undesirable income tax consequences for you. The cost of the first $50,000 of group term life insurance … Continue reading When is employer-provided life insurance taxable? August 23, 2022

Should you digitize your tax and financial records?

Traditionally, important tax and financial records have been stored as hard copies in desk drawers, filing cabinets and safe deposit boxes. These days, however, it’s become increasingly popular and easy to digitize documents and store them electronically. Is this the right move for you? The case for going digital One of the biggest advantages of … Continue reading Should you digitize your tax and financial records? August 17, 2022

Too much inventory at your business? Trim the fat!

Businesses need to have inventory on hand. But having excess inventory is expensive, so it’s important to keep it as lean as possible. Here are some ways to trim the fat from your inventory without compromising revenue and customer service. Accuracy first Effective inventory management requires starting with an accurate physical inventory count. That allows … Continue reading Too much inventory at your business? Trim the fat! August 13, 2022

A family budget for your needs — today and tomorrow

A wise person — who may or may not have been an accountant — once said, “Simplicity is the key to a family budget.” However, the budget should also be comprehensive enough to cover all necessities. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near term … Continue reading A family budget for your needs — today and tomorrow August 11, 2022

Using alternative energy for business can bring tax benefits

If you’re a business owner, you might be wondering if using alternative energy technologies in your company can help you manage energy costs and improve your bottom line.  If this sounds interesting, you should know there’s also a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of … Continue reading Using alternative energy for business can bring tax benefits August 11, 2022

A tax break for educators gets an update

Teachers who are setting up their classrooms for a new school year often pay for some of their classroom supplies out-of-pocket. They can recoup some of that cost by taking advantage of a special tax break for educators. This deduction gained new importance after the 2017 passage of the Tax Cuts and Jobs Act (TCJA). … Continue reading A tax break for educators gets an update