Retiring In 2019
Retiring soon? Congratulations! Certain changes in the tax code affect your income taxes as you retire, including healthcare deductions and Social Security distributions. If you’re a business owner, other changes can affect how you plan your succession and the potential sale of your business. Below are some considerations that could determine how much of your […]
When A Loan Triggers A Tax Debt
Funds received as proceeds of a loan aren’t taxable as long as you’re expected to pay it back. However, the moment some or all of the debt is forgiven (and doesn’t need to be paid back), the IRS will jump in and want its cut. Don’t be caught off-guard by unexpected income taxes when this […]
Unlucky Tax Strategies That Don’t Work
Have you ever heard about a tax strategy you thought was so crazy, it just might work? Here’s what we can tell you: If it’s illegal, the IRS has seen it before, and it’s only a matter of time before they catch on. Before you try your luck, let’s honor St. Patrick’s Day by looking […]
Plaintiffs And Attorneys, Take Note: Personal Settlements Are Now Taxed 100%
Lawsuit settlements just became more profitable…for the IRS. Under the new tax code, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those cases, the plaintiff will be taxed on the fees paid to the attorney and so will the attorney who receives them! Here are some […]
Growing Business, Mounting Employment Taxes: A Bankler Case Study
Business growth is great. It’s the American dream. But without the right team on your side, the IRS can quickly turn that dream into a nightmare. “I failed to realize that middle management was the key to making it all work,” a business owner—now a Steven Bankler, CPA, Ltd. client—confessed when explaining how his company’s […]
Divorce And The Family Business
You won’t own your business forever. Many small business owners neglect to acknowledge that simple fact. Perhaps your exit will be planned to perfection and you’ll either sell to a third-party or leave via a strategic family succession plan. Or maybe life will throw you a curveball. Divorce is certainly one of those curveballs that […]
Don’t Be Fooled: How You Can Detect Business Fraud
I’ve spent decades investigating business fraud as a forensic accountant and expert witness, often at the state and federal levels. The lessons I’ve learned about human behavior and motivation during this time have benefitted my clients in surprising ways. According to the Association of Certified Fraud Examiners, the typical organization loses 5 percent of revenue […]
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 […]