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3 Labor and Compensation Rules That Just Changed

  • 19 September 2017
  • Author: Alexander Carr
  • Number of views: 3
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3 Labor and Compensation Rules That Just Changed

While you were gone fishing this summer (or just buried knee-deep in your own business concerns), there have been some changes in federal labor and employee compensation rules you should know. From overtime and misclassification to joint employment, here’s a rundown on what has happened and what it could mean to your business.

Miami Dolphins Owner Stephen Ross’ Disastrous 10-to-1 Charitable Deduction

  • 12 September 2017
  • Author: Alexander Carr
  • Number of views: 2
  • 0 Comments
Miami Dolphins Owner Stephen Ross’ Disastrous 10-to-1 Charitable Deduction

Stephen Ross, billionaire real estate developer and owner of the Miami Dolphins football team, is the University of Michigan’s largest donor. Unfortunately, he caught the attention of the IRS along the way and it didn’t end well for him. After a decade of legal proceedings, a tax court recently disallowed a $33-million charitable deduction Ross and a group of business partners took on a donation to U-M. Instead, the court valued the deduction at only $3.4 million.

Fewer Family Businesses Are Staying in the Family

  • 29 August 2017
  • Author: Alexander Carr
  • Number of views: 142
  • 0 Comments
Fewer Family Businesses Are Staying in the Family

It was once common for an entrepreneur to pass a business down to the next generation in the family. In fact, the practice crossed industry lines, with retail stores, plumbing businesses, law firms, and even physician practices commonly being passed down to the children who had been groomed from an early age to carry on the family business.

When to Turn a Hobby into a Business

  • 22 August 2017
  • Author: Alexander Carr
  • Number of views: 109
  • 0 Comments
When to Turn a Hobby into a Business

Hobbies are a great distraction from the hustle and bustle of work. Over time, some of us become so good at our hobbies that they start providing income for us. How many cupcake bakers, woodworkers, photographers, and other hobbyists do you know who have found an extra source of income doing what they love? 

Are Corporation Profits Double (or Even Triple) Taxed?

  • 15 August 2017
  • Author: Alexander Carr
  • Number of views: 176
  • 0 Comments
Are Corporation Profits Double (or Even Triple) Taxed?

All too often, the answer to the question, “Are corporation profits double taxed?” is a resounding YES. But double taxation doesn’t need to be a fact of life for corporate business owners if they know how to navigate around it within the boundaries of the IRS.

PLCP

PLCP
Joe G. Gonzales, MD, has always been a trailblazer. Now that spirit has led to important advances in the field of life care planning and a thriving business and non-profit that have become a true family affair.

The Dire Consequences of “Accidentally” Incorporating

The Dire Consequences of “Accidentally” Incorporating

Online legal services make it seem very easy to start and incorporate a business. But, through the eyes of the IRS, the difference between a sole proprietorship and a corporation is more dramatic than just being able to add “Inc.” to your business name. A Michigan tax case involving a small family business illustrates this point. What started with an innocent mistake by a well-meaning son ended in thousands of dollars of back taxes owed by a widowed business owner. 

How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

At face value, it seems the IRS has a very low barrier to personally penalize a member of business management when payroll taxes withheld from employee paychecks (called trust fund money) aren’t submitted to the IRS. Time after time, the IRS seems to win these cases. What it really comes down to is whether the stakeholder knowingly and recklessly disregarded the risk of non-payment. It’s why a Seinfeld icon and soup mogul was recently on the hook for back taxes (read that story here) and why tax practitioners rarely seem optimistic when the IRS claims a trust fund penalty is due. However, a recent case shows there is light at the end of the tunnel and that light is called “reasonable belief.”

Boston Bruins Just ICED THE IRS IN TAX COURT!

Boston Bruins Just ICED THE IRS IN TAX COURT!
The Boston Bruins professional hockey team just won a huge victory, only it wasn’t on the ice rink. Instead, it was in Tax Court. In a recent surprise ruling (see  Jacobs v. IRS, 148 T.C. No. 24

), the Tax Court ruled that the owners of the team  may deduct the entire cost of away game pregame meals as a qualifying de minimis fringe benefit.

Why “Pleading the Fifth” Doesn’t Work in Tax Cases

Why “Pleading the Fifth” Doesn’t Work in Tax Cases
From corporate leadership to government officials, it seems invoking the Fifth Amendment and declining to provide information during legal proceedings has

become popular. But if you assume the tactic can be used as a defense for not filing taxes, think again.

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