October 2017 Tax & Business Alert

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HOW TO STEER CLEAR OF TAX ISSUES RELATED TO SHAREHOLDER LOANS

Owners occasionally borrow funds from their businesses. This article explains the importance of treating these transactions as bona fide loans and charging an “adequate” rate of interest. It also provides a list of factors the IRS considers when evaluating corporate advances to shareholders.

 

WILLS AND LIVING TRUSTS: ESTATE PLANNING IMPERATIVES

A well-crafted, up-to-date estate plan is an imperative for everyone. It can truly help ease the burdens on your family during a difficult time. This article looks at wills, living trusts and other important documents.

 

SHOULD YOU CHANGE YOUR BUSINESS – OR TRANSFORM IT?

As its market and technological needs evolve, every company needs to change. At some point in the existence of many companies, the organization needs to go beyond change to transformation. This article examines the difference between the two concepts and how to go about transforming with care.

 

3 STRATEGIES FOR HANDLING ESTIMATED TAX PAYMENTS

Estimated tax payments are required by self-employed individuals and sometimes those with income from interest, rent or dividends. Mishandling these payments could trigger penalties. This brief article offers three strategies for getting it right.

 

TAX CALENDAR

This calendar notes important tax deadlines for the fourth quarter of 2017.

September Newsletter

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September 2017 Tax & Business Alert

DO YOU NEED THE PROTECTION OF A D&O INSURANCE POLICY?

Anyone who serves as a director or officer of a company, or even sits on the board of a nonprofit, needs to consider that this could make their personal assets vulnerable. This article suggests one way to gain some protection: through a directors and officers insurance policy. A sidebar clarifies the difference between directors and officers insurance and errors and omissions coverage.

 

BEWARE THE ONGOING RISK OF EMPLOYEE MISCLASSIFICATION

Independent contractors are playing a bigger and bigger role in our economy. But the federal government still has a vested interest in ensuring workers aren’t misclassified as independent contractors when they’re really bona fide employees. This article reviews the key factors used by the IRS to determine worker status.

 

UNDERSTANDING THE DIFFERENCES BETWEEN HEALTH CARE ACCOUNTS

Tax-friendly ways to pay for health care are very much in play for many people. The three primary players are Health Savings Accounts (HSAs), Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs). This article offers a brief overview of each one.

 

5 KEYS TO DISASTER PLANNING FOR INDIVIDUALS

Disaster planning is usually associated with businesses. But individuals need to be prepared, too. This brief article covers five keys to such planning — insurance, asset documentation, document storage, cash and an emergency plan.

 

August 2017 Tax & Business Alert

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SHOULD YOU CONVERT FROM A C CORPORATION TO AN S CORPORATION?

Many private business owners elect to incorporate, turning their companies into C corporations. But, at some point, they may consider converting their businesses into S corporations. This article reviews some of the important considerations associated with this decision. A sidebar looks at the requirements for converting to S status in the first place.

 

COOL DOWN WITH A DIP INTO YOUR TAX RECORDS

A good way to beat the heat during the dog days of summer is to organize your tax records. Granted, it may not be as exhilarating as jumping off the high dive, but a dip into these important documents now may save taxpayers headaches later. This article explains the IRS guidelines for tax-record retention, as well as some important exceptions to consider.

 

IRS PERMITS HIGH-EARNER ROTH IRA ROLLOVER OPPORTUNITY

As highly compensated employee (HCE) 401(k) plan participants approach retirement, a potentially useful tax-efficient IRA rollover technique may be a valuable savings tool. This brief article reviews IRS rules about how HCEs can allocate both pretax and after-tax employee contribution 401(k) assets between standard and Roth IRAs.

 

SHIFTING CAPITAL GAINS TO YOUR CHILDREN

Investors looking to save tax dollars should look to their kids for assistance. Giving appreciated stock or other investments to one’s children can minimize the impact of capital gains taxes. This brief article suggests one strategy involving a stock sale and the purchase of a car.

July 2017 Tax & Business Alert

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WHY YOU SHOULD (OR SHOULDN’T) PURSUE AN ACQUISITION

M&A activity tends to wax and wane. Nonetheless, billions of dollars continue to change hands annually, and an acquisition can be a great way to grow a business. So owners should be prepared if one of these deals comes their way. This article explores some pros and cons to consider.

LEASING PROPERTY TO YOUR BUSINESS MIGHT TRIGGER UNDESIRABLE TAX CONSEQUENCES

A business owner who also owns real estate may be tempted to lease that property to the company. Unfortunately, for owners of pass-through entities, doing so may trigger the “self-rental rule” and might lead to negative tax consequences. This article explains the details of the self-rental rule plus a way to avoid triggering it.

WHICH TYPE OF MORTGAGE LOAN MEETS YOUR NEEDS?

Few purchases during one’s lifetime will be as expensive as buying a home. That’s why, when considering a mortgage, it’s important to know what specific type of loan is the best choice. This article looks at the two major choices: fixed-rate and adjustable-rate.

KNOW YOUR TAX HAND WHEN IT COMES TO GAMBLING

A royal flush can be quite a rush. But the IRS casts a wide net when defining gambling income. This brief article outlines the tax impact of gambling winnings for casual players and how the rules differ for professional gamblers.

TAX CALENDAR

This calendar notes important tax deadlines for the third quarter of 2017.