by mariettacp | Jun 20, 2013 | Money Tips, Tax Preparation
If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised wages or a dividend, taxable to you...
by mariettacp | Mar 4, 2013 | Money Tips, Tax Planning, Tax Preparation, Tax Tips
Emotions add zest to life. They propel us to our feet when our favorite running back scores a touchdown. They warm us at an inspirational concert or movie. But in the realm of business, emotions sometimes hinder good choices. In fact, business owners and managers...
by mariettacp | Feb 21, 2013 | Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips
A number of tax breaks that had expired at the end of 2011 or were to expire at the end of 2012 were extended by the recently passed law, the “American Taxpayer Relief Act of 2012.” Keep these deductions and credits in mind as you gather the paperwork for...
by mariettacp | Aug 15, 2011 | Accounting News, Money Tips, Tax Preparation
A recent court case reveals that the IRS has discovered a pattern of taxpayers failing to file gift tax returns for real property transfers between nonspouse related parties. As a result, it launched a compliance initiative to capture data from states and counties...
by mariettacp | Aug 5, 2011 | Accounting News, Money Tips, Tax Preparation
A taxpayer whose debts are forgiven generally has cancellation of debt (COD) income subject to exceptions including one for bankruptcy and one for insolvency. Some taxpayers have taken the position that the bankruptcy exception is available if a grantor trust (trust...
by mariettacp | Jul 4, 2011 | Money Tips, Tax Preparation, Tax Tips
A specified percentage of the initial value of the trust assets, or a fixed sum, must be payable at least annually to a non-charitable beneficiary or beneficiaries, who are living at the time the trust comes into being. The payments should be made for a specified...
