For owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk free.
In the News
Monday, August 6, 2018
Thursday, August 2, 2018
Everyone agrees that donations are the lifeblood of not-for-profit organizations. At the top of most wish lists is cash, and depending on your situation, you may accept other assets and in-kind contributions.
Thursday, August 2, 2018
For most small business owners, closing up shop is relatively simple -- perhaps they take down their signs, get rid of inventory and turn the lights off. But for a health care practitioner closing a practice, the issues are more complex.
Thursday, August 2, 2018
Wage and hour laws are some of the most frequently violated in the manufacturing and distribution industry. They can be hard to understand and there's a large discretionary component in their enforcement.
Thursday, August 2, 2018
Construction projects require cooperation and coordination among a long list of participants including architects, contractors, subcontractors and others. So it's not surprising that even the most straightforward construction projects can result in disputes and ultimately, costly litigation.
Thursday, August 2, 2018
At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk only what you can afford to lose from a personal financial planning perspective. But from the IRS perspective, you need to be aware of the tax consequences.
Thursday, August 2, 2018
Small business owners are always looking for easy ways to lower their taxes. Here's a simple, but effective, tax planning technique that's available under the Tax Cuts and Jobs Act (TCJA) for 2018 through 2022. To take advantage, you need to purchase a "heavy" vehicle, work from a qualifying home office and keep detailed business expense records.
Thursday, August 2, 2018
For tax years starting in 2018, the Tax Cuts and Jobs Act (TCJA) provides new and improved tax incentives for buying new and used business equipment. But leasing still offers benefits for some taxpayers. Here are some important considerations when deciding whether to buy or lease equipment.
Monday, July 30, 2018
The TCJA has narrowed the scope of who can claim the home office deduction. But certain business owners and self-employed taxpayers may still be eligible.
Friday, July 20, 2018
When you convert a traditional IRA into a Roth IRA and then reverse the transaction by switching the account back to its original status, the reversal is called a recharacterization.
