Whether your business is the law, or a business with accounting or asset protection needs, our business has been “Solving clients’ problems" since 1977.

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How Not to Reduce Your Taxes (Part 1)

  • 13 December 2017
  • Author: Alexander Carr
  • Number of views: 29
  • 0 Comments
How Not to Reduce Your Taxes (Part 1)

We often advise clients to restructure their business entities and add new ones to help reduce their taxes and other financial liabilities. There’s nothing inherently wrong with the strategy and, in fact, the IRS extends many key opportunities for businesses to do it. However, according to the IRS, there are right and wrong reasons to restructure or start business entities. If the IRS senses your motivation is rooted in deception, be prepared to pay the price.

Our Annual Charitable Giving Guide

  • 29 November 2017
  • Author: Alexander Carr
  • Number of views: 113
  • 0 Comments
Our Annual Charitable Giving Guide
Are you closing out the year on a high note? If so, consider giving to charities to offset potential capital gains taxes. With so many questions surrounding possible new tax laws in 2018, it may be more important than ever to take advantage of charitable giving opportunities before the end of the year. That’s because if your tax burden reduces in 2018, so will the tax value of those charitable contributions. If you are unsure of which charity you wish to support, you can always open and fund a Donor Advised Fund. The contributions made before December 31 are deductible, even though you don’t designate the charities until 2018 or even further into the future. Also, there are laws in place right now that can make giving even more beneficial. For example, if you’re 70 ½ or older, you can donate up to $100,000 from your IRA as part of your Required Minimum Distribution to charity each year, tax free.

Last-Minute Tax Deductions That Are Critical This Year

  • 14 November 2017
  • Author: Alexander Carr
  • Number of views: 156
  • 0 Comments
Last-Minute Tax Deductions That Are Critical This Year

With President Trump’s bold tax reform plan on the table for 2018, there are sure to be plenty of changes in store. That means your tax strategies in 2017 are even more important than ever. Below is a quick rundown of some of the factors you may want to consider now to reduce your tax burden over the next two tax years.

Filing 2017 W-2s: Penalties Have Increased, Extension Not Guaranteed

  • 7 November 2017
  • Author: Alexander Carr
  • Number of views: 132
  • 0 Comments
Filing 2017 W-2s:  Penalties Have Increased, Extension Not Guaranteed
January 31, 2018, is a big day not only for providing W-2 forms to employees and 1099-MISC forms to other workers, but it’s now also the deadline for filing the forms with the IRS (whether filing by mail or even by e-file). Neglect that earlier-than-usual deadline (first issued in 2016) and you could be responsible for newly increased penalties. Plus, recent changes in extension rules may leave you with no option but to pay the price

Corrigan Air Center

  • 1 November 2017
  • Author: Alexander Carr
  • Number of views: 0
  • 0 Comments
Corrigan Air Center
Twin brothers Michael and Patrick Corrigan have always loved airplanes, which makes their business--a state-of-the-art custom paint and interior facility for turboprops and light jets--a true dream come true.

Exiting Your Business? Take This Advice from Fellow Entrepreneurs

  • 24 October 2017
  • Author: Alexander Carr
  • Number of views: 178
  • 0 Comments
Exiting Your Business? Take This Advice from Fellow Entrepreneurs

Whether you’ve owned your business for decades and are ready to retire or are looking to sell a growing new venture, exiting a business is tough. The experience can be fraught with many financial and emotional setbacks, even for those who thought they had masterfully choregraphed every single step. We asked some of our favorite entrepreneurs to share their experiences from past exits—what they wish they had known and what they could have handled better. We’re grateful for their candid advice and hope that it helps you plan your next chapter.

A Tricky Tax Ruling for Trophy Hunters

  • 17 October 2017
  • Author: Alexander Carr
  • Number of views: 137
  • 0 Comments
A Tricky Tax Ruling for Trophy Hunters

A recent tax ruling affects the value of hunting specimens that are donated to charity. The issue comes down to whether the specimens can be valued at comparable sales cost or replacement cost. For one recent case, it’s a difference of more than $400,000 that is now owed in back taxes.

Don’t Personally Fund Your Business Without Reading This First

  • 10 October 2017
  • Author: Alexander Carr
  • Number of views: 230
  • 0 Comments
Don’t Personally Fund Your Business Without Reading This First

A renowned biochemist just found out that tax codes can be more complicated than biotechnology. His mistake? Infusing his startup with millions in personal cash without paperwork to classify what the advance was: personal equity or a business loan.

Law Firm Partnership Audits Are About to Change

  • 28 September 2017
  • Author: Alexander Carr
  • Number of views: 1109
  • 0 Comments
Law Firm Partnership Audits Are About to Change

An entirely new centralized partnership audit regime has finally replaced 1982’s TEFRA partnership procedures when it comes to partnership audits. The new rules, which are part of the Bipartisan Budget Act of 2015 (BBA), apply to partnership tax years beginning January 1, 2018. Partnerships can elect to apply them to returns dated as early as November 2, 2015.

7 Signs Your Business Entity Needs to Change

  • 26 September 2017
  • Author: Alexander Carr
  • Number of views: 230
  • 0 Comments
7 Signs Your Business Entity Needs to Change
Choosing the right business entity at the right time may  be a good way to minimize your taxes, reduce creditor liabilities, and offer more flexibility in your succession plan. While the decision shouldn’t be taken lightly and could incur significant costs, reviewing your options should be something you do on a regular basis, similar to performing regular maintenance on your car so it continues to run smoothly. Even seemingly small changes could signify a structure modification is in order, like an LLC instead of a sole proprietorship or a corporation.
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