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What's The Worst That Could Happen? Real Taxpayer Situations

  • 23 July 2014
  • Author: Cari Holbrook
  • Number of views: 3635
  • 0 Comments
What's The Worst That Could Happen?  Real Taxpayer Situations

Not following tax laws—either by ignorance, misinterpretation, or by deliberate action—can have major consequences. As a forensic accountant often brought in to serve as an expert witness, I’ve seen the cascading effect that it can have on business owners’ professional and private lives.

Depreciation Nit-picks That Could Cost You

  • 23 April 2014
  • Author: Cari Holbrook
  • Number of views: 4495
  • 0 Comments
Depreciation Nit-picks That Could Cost You

When it comes to your interpretation of tax laws and that of the IRS: a court may decide.  This was a tough lesson learned by Michael Brown, a wealthy life insurance salesman who recently lost a $11.2 million bonus depreciation claim over a seemingly simple oversight.  His story brings to light several lessons for business owners: be aware of the current depreciation laws for business vehicles, interpret them correctly, and choose your words wisely in court.

Time To File An Extension? Avoid These Two Mistakes.

  • 26 February 2014
  • Author: Cari Holbrook
  • Number of views: 3839
  • 0 Comments
Time To File An Extension?  Avoid These Two Mistakes.

It’s that time of year in which you’re either feeling good about being ahead of tax season or you’re nervously planning a way around the impending deadline. If you’re in the latter situation, you may be considering filing an extension. But, before you do, please note the following two major mistakes business owners often make when deciding to file an extension.

Your Family Business Structure Matters

  • 28 January 2014
  • Author: Cari Holbrook
  • Number of views: 5895
  • 0 Comments
Your Family Business Structure Matters

Deciding how to structure your family business often comes down to what will save you the most in current taxes. With a business owned by multiple family members, however, there are other considerations with longer-range impact. In fact, your business structure could affect whether or not your family can remain in business for generations to come.

Defer Income to 2014? Yes, You Can!

  • 20 November 2013
  • Author: ellice909
  • Number of views: 5449
  • 0 Comments
Defer Income to 2014? Yes, You Can!
Tax time can be stressful for a small business owner, especially if you experienced unexpected large business and/or personal gains or losses this year. Keeping income growth relatively steady from year to year is an ideal scenario to manage expected tax liabilities. A huge boost in income could become a huge tax burden when not managed wisely.

When Is Bankruptcy the Best Option?

  • 23 October 2013
  • Author: ellice909
  • Number of views: 3908
  • 0 Comments
When Is Bankruptcy the Best Option?

“Do I really have to declare bankruptcy?” It’s a gut-wrenching thought. More than 500 Texas businesses  declared bankruptcy in the first quarter of 2013, according to U.S. Court statistics. Personal bankruptcy filings were logged in the thousands. Could these have been avoided? When does bankruptcy become the best option?

Affordable Care Act: Does Your Small Business Need Prepping?

Affordable Care Act: Does Your Small Business Need Prepping?

There’s been a lot of talk regarding how large businesses will handle the restraints and changing requirements of the impending Affordable Care Act (ACA). Earlier this month, the U.S. Treasury Department on Thursday proposed new rules meant to ease requirements for large companies and insurers when they report employees' health coverage information. But what about small, family-owned businesses? While there are no mandates to follow, the ACA does address small businesses. Some details that are cloaked as advantages, however, could come with some inherent snags.

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