Michael J. Evans, CPA, Partner and Director, Tax Services Group
Senators Bernard Sanders (I-VT), Sheldon Whitehouse (D-RI) and Tom Harkin (D-IA) introduced the Responsible Estate Tax Act on June 23, 2010. If passed, it would retroactively reinstate some estate tax provisions, change others and introduce new ones.
Specifically, the Responsible Estate Tax Act would reinstate the federal estate and generation-skipping transfer (GST) taxes and repeal "carryover basis," effective for gifts made and estates of decedents dying after December 31, 2009. In addition, the bill also proposes a progressive rate structure and a "billionaire's surtax." Click Full Article for some of the key features in the proposed legislation.
Many taxpayers ask: "How can I avoid being audited by the IRS?" There is no 100 percent guarantee that you won't be picked because some returns are chosen randomly. However, completing your tax returns in a timely, orderly and accurate fashion with your trusted tax adviser certainly works in your favor. And it helps to know the red flags that catch the attention of the IRS. Here's a look at the latest audit statistics and targets, as well as some tips to help you avoid hearing from the IRS.
In a new report, the National Taxpayer Advocate suggests that IRS liens and levies actually hurt the government's ability to collect from delinquent accounts.
Two franchise restaurants may be in the same location, bring in the same amount of money annually, and even serve similar food. They both opened around the same time. Are they worth the same amount? Here's a look at the factors involved in valuing businesses that are part of a franchise.
When you pass away or become incapacitated, it's natural for your family to feel confused and insecure about the future. You can help them through that tough time by writing a letter in advance. Here is a model "Letter to My Spouse" outlining where they will find important documents and who to contact for assistance. You can adjust it to suit your exact needs.
In many commercial lawsuits, businesses claim to have suffered lost future profits, due to the wrongdoing of another party. These damages can be difficult to prove and in some cases, courts do not even allow them. A breached contract is not enough to prove future lost profits, according to one state appeals court decision. In that case, the court ruled the plaintiff must also prove tangible damage in order to prevail. Click "Full Article" to read what happened, as well as what it might mean for businesses seeking to recover damages due to breached contracts.
Newsletter Archives
Michael J. Evans, CPA, Partner and Director, Tax Services Group
Many taxpayers ask: "How can I avoid being audited by the IRS?" There is no 100 percent guarantee that you won't be picked because some returns are chosen randomly. However, completing your tax returns in a timely, orderly and accurate fashion with your trusted tax adviser certainly works in your favor. And it helps to know the red flags that catch the attention of the IRS. Here's a look at the latest audit statistics and targets, as well as some tips to help you avoid hearing from the IRS.
Two franchise restaurants may be in the same location, bring in the same amount of money annually, and even serve similar food. They both opened around the same time. Are they worth the same amount? Here's a look at the factors involved in valuing businesses that are part of a franchise.
When you pass away or become incapacitated, it's natural for your family to feel confused and insecure about the future. You can help them through that tough time by writing a letter in advance. Here is a model "Letter to My Spouse" outlining where they will find important documents and who to contact for assistance. You can adjust it to suit your exact needs.
In many commercial lawsuits, businesses claim to have suffered lost future profits, due to the wrongdoing of another party. These damages can be difficult to prove and in some cases, courts do not even allow them. A breached contract is not enough to prove future lost profits, according to one state appeals court decision. In that case, the court ruled the plaintiff must also prove tangible damage in order to prevail. Click "Full Article" to read what happened, as well as what it might mean for businesses seeking to recover damages due to breached contracts.