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Tax-Wise Ways To Get Cash Out Of Your C-Corp
If your family business operates as a C corporation, watch out for double taxation whenever you withdraw cash from the company. If the…
Who Owns Professional Goodwill?
When a professional corporation sells its assets or liquidates, one important tax issue is whether the corporation or the…
Good Things Come From Crummey Trusts
The benefits of a Crummey trust are anything but "crummy." This type of estate planning tool, named after the taxpayer in the first case…
Record Keeping Rules For Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will…
Invoice Fraud
When a supervisor with Burlington Northern Santa Fe Railway stumbled upon a way to submit fraudulent invoices to his employer, he enlisted…
Deducting LLC Losses
What happens if you're the owner of a limited liability company (LLC) that generates tax losses, and you don't spend a lot of time…
Special Needs Trusts: What Expenses Can They Pay For?
A special needs trust or a supplemental needs trust can be established to help a disabled individual who is receiving assistance from the…
Writing Off Worthless Stock Investments
Over the years, many of us have bought stock in a company that later failed. Examples include Enron, Adelphia, Global Crossing, Worldcom and…
Revenue Recognition for Nonprofits
The Financial Accounting Standards Board (FASB) has issued new accounting standards for recognizing revenue, ASU No. 2014-09, Revenue from…
Taxes On Personal Injury Awards And Settlements
Hopefully, you will never need to know how payments for personal injuries are taxed. But here are the rules, just in case you or a loved one…
Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.