Blog Archives
Fringe Benefits For Your Family S Corp
Here's an unusual tax law fact: For federal income tax purposes, the fringe benefit rules that apply to partners also apply to S…
Tax Cuts and Jobs Act
Tax Cuts and Jobs Act
Tax Reform Bill Passes
The new tax reform law — commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) — is the most significant tax legislation in…
2018 Standard Mileage Rates
The IRS has released the standard mileage rates for 2018. Beginning on January 1, 2018 mileage rates are as follows: 54.5 cents…
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…
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