It’s a fact … The IRS is going after taxpayers who fail to report their offshore accounts. Yes. You may have filed your FBAR and/or form 8938 and think you’re in good shape, but be aware … Uncle Sam has piled on a bunch of little-known international reporting requirements plus stiff penalties for non compliance. Want to stay out of big trouble with the IRS? Easy! Read … [Read more...]
Corporations
Sorted by Date
How to avoid costly Section 179 “recapture”
Did you take the Section 179 deduction on the tangible property you bought for your business? Good move … but be careful! You see, the deduction comes with strings attached and if you don’t comply with the tax law, Uncle Sam can show up and “recapture” a lot of money. We’ll show you how to avoid problems and stay on the right side of the law when you read my new article … [Read more...]
Should your S corporation buy life insurance?
Benjamin Franklin said, “nothing is certain except death and taxes.” True. But there are often great ways to slash your tax bill (as readers of this publication know!). And life insurance can help survivors, even though it won’t do much good for you. So… what about having your S corporation buy life insurance? Is this a good idea? Sometimes it is a great idea. But … [Read more...]
Selling Your Business: Sell Corporate Stock as an Asset Sale
Selling your S or C corporation can be a tricky business. Which is why you should consider selling your corporate stock as an asset sale. You see, an asset sale can help you avoid double taxation, get rid of known and unknown liabilities, and give your buyer a step-up basis. You’ll get the whole story when you read my new article titled Tax Tips: Selling Your Business: … [Read more...]
Selling Your Business: How to sell intangible assets the right way
Thinking about selling your business? Then don’t forget that it may include some extremely valuable “intangible assets.” Intangible assets include customer lists, goodwill, proprietary software, and much more. If you do decide to sell your business, here is what you need to know: Intangibles sold by your sole proprietorship or single-member LLC. If you sell a … [Read more...]