WHO SHOULD PREPARE THAT PURCHASE AND SALE AGREEMENT? Purchasers or sellers of real property or a business often have their brokers/agents prepare the purchase and sale agreement for the property or the business. But, is a broker/agent really capable of preparing a detailed legal contract that could represent a major life changing event for...Read More
IRS SCAMMERS AND TAX PROBLEMS For the past several months I have received calls from some of my clients with tax problems that they have received a phone call from the IRS threatening them with criminal prosecution if they did not immediately pay their taxes over the phone. Knowing the IRS’ tactics, I reassure...Read More
TAX TIME REMINDERS One tax deadline is behind us, and now it is time to file those annoyingly ridiculous personal income tax returns. Here are some friendly reminders before you sign that tax return under penalties of perjury. The deadline to file your personal income tax return this year is Wednesday, April 15th. ...Read More
THE FINAL TREASURY REPAIR REGULATIONS In the later part of 2013, the IRS released the Final Treasury Regulations (“Regulations”) governing repair and capitalization issues under Internal Revenue Code (“IRC”) Section 263. The effective date of the Final Regulations are for tax years beginning after January 1, 2014. Accordingly, we are approaching the first filing...Read More
PROPOSED 2015 BUSINESS TAX REFORM Last month we looked at House Ways and Means Committee Chairman, Dave Camp’s, sponsored Tax Reform Act of 2014 as it relates to tax provisions relating to individuals. This article will explore some of the provisions relating to businesses. Tax Rates. This provision would lower the C corporation tax...Read More
WHAT 2015 TAX REFORM COULD LOOK LIKE Back in February` 2014, House Ways and Means Committee Chairman, Dave Camp, drafted the Tax Reform Act of 2014. On December 11, 2014, Congressman Camp officially introduced H.R. 1, the Tax Reform Act of 2014. The bill was provided the designation of H.R. 1 to signify the...Read More
CLOSING OUT 2014 WITH YEAR END TAX PLANNING It is hard to believe 2014 is coming to a close. With another tax year ending, it is time again to discuss tax planning. Although proper tax planning begins at the beginning of the tax year, it is not too late to do some last minute...Read More
IS TAX REFORM IN 2014 STILL POSSIBLE? A question I am often asked by business owners is whether or not there will be any tax reform in 2014? As many business owners know, the tax provisions for bonus depreciation and the $500,000 Section 179 expensing expired at the end of 2013. Business owners are...Read More
Recently, Internal Revenue Service Revenue Officers (i.e., collection representatives) were directed to assess the Trust Fund Recovery Penalty pursuant to Internal Revenue Code Section 6672 faster and get more aggressive in the collection of those taxes from delinquent taxpayers. Internal Revenue Code Section 7501 requires employers to withhold and pay income and FICA taxes from...Read More
The attached articles were written based on the state of the law as of the date written. The authors of the attached articles assumes no responsibility to update the content of the articles as a result of any changes in the law. Anybody reviewing the attached articles should consult with the authors of the articles, or their professional tax or legal advisor to verify the current status of the law as it relates to their own personal transactions.
