Keeping Current
As a complimentary service to our clients and friends, we offer a variety of newsletters and publications covering the latest topics of interest to you.
The idea of an IRS audit strikes fear in the hearts of many taxpayers, and most of us will do everything possible to avoid an IRS examination of our tax returns. Others look at the IRS as simply another creditor, and they almost welcome the opportunity to negotiate over tax liability.
It is almost impossible to avoid a tax examination by the IRS. However, there’s plenty of good news: Read More »
With 2010 soon coming to a close, most of our friends are asking: “What can I do now so I will not have to pay so much tax in 2010?”
People can make mistakes when planning their estates. The consequences of failing to make good plans can have dire consequences for family members, and can cause valuable assets to be wasted.
Plenty of famous people have made estate planning mistakes. Their stories are reminders of the importance of planning. Read More »
The end of 2010 will bring an end to a host of new and changing estate and gift tax rules the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 put into action. Alas, effective only in 2010 is the act’s repeal of the estate and generation-skipping transfer (GST) taxes and change in the maximum gift tax rate.
In 2011, after EGTRRA’s sunset, the transfer tax rules are scheduled to revert back to pre-EGTRRA status ($1 million exemption and maximum 55 percent tax rate for gift, estate and GST taxes). Read More »
We recently corresponded with alliantgroup’s Dean Zerbe, former Senior Tax Counsel to the Senate Finance Committee. Here is a summary of his take on upcoming tax legislation. Read More »
If you currently cover your employees with health coverage, you will find a big smile planted on your face when you read how the new health care law might put money in your pockets, starting right now. And you may not have to make a single change in business practice to get your money. Read More »
The Financial Accounting Standards Board (FASB) has issued FASB Interpretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109,” to address how companies should account for uncertainties in timing and permanent income tax positions. Many companies seem to have the wrong mindset about the implementation process. They view this process as one big headache. Read More »
When commercial lenders have advance knowledge of hidden risks and liabilities, they can advise customers on ways to minimize their potential exposure and possibly preempt loan defaults. Or they may decide to deny a loan altogether. Read More »
Lenders often have a stake in private company mergers and acquisitions, so it’s important that they know whether the target’s price is reasonable. Procuring a professional appraisal upfront can mean the difference between a long-term lending relationship and default. To help make informed lending decisions, lenders should know the standards of value used by appraisers, along with their valuation methodologies. A sidebar to this article points out the dangers of relying on generic valuation formulas. Read More »
In March 2009, Bernard Madoff pleaded guilty to charges including fraud for operating a Ponzi scheme for at least a decade in which he bilked thousands of investors out of as much as $65 billion. In January 2009, the CEO and Chairman of Satyam Computer Services admitted to faking financial results, including overstating cash balances by more than $1 billion. Read More »