Category - Taxes

Asset or equity sale? How about a little of both via Section 338(h)(10) election?

June 11, 2018

In a business sale transaction, the buyer typically desires to buy assets and the seller usually wants to sell equity.  Section 338(h)(10) of the tax code provides a win/win opportunity to both parties (when applicable). There are tax and legal reasons for the customary situation where the seller of a business wants to structure the same […]

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Should you get your own captive insurance company?

December 12, 2017

Captive insurance has been around for a while, but micro-captive insurance structures are more recent in their invention and application. As with any other financial planning vehicle generally, and insurance product in particular, whether or not something is right in a certain circumstance greatly depends on said circumstance. In other words, despite what a very

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LLC, Corporation and Partnership–legal and tax classifications

October 27, 2017

I was reading an excellent article this morning about why it usually is a bad idea to own rental properties in an S-Corporation. The article is well-written in most respects and does a good job walking through basic legal, accounting and tax planning situations. The general premise is sound–namely, that because of the application of tax […]

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New rules for partnership audits are effective January 1, 2018

October 26, 2017

The way in which the IRS audits partnerships will change at the end of 2017. Per the Bipartisan Budget Act of 2015 (great name, right?), on January 1, 2018 the landscape relating to partnership audits by the Internal Revenue Service will have shifted dramatically. Why should you care? Great question. If you are directly or […]

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Tax reform will be a slow process (no surprise)

October 13, 2017

Senator Ted Cruz has given fair warning that tax reform may not be coming quite as quickly President Trump wants, and some earlier reports indicated. The word out of Washington today is that Cruz believes that new tax reform legislation will get done “late this year or early next year.” We know that it’s not […]

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Will my life insurance be taxed?

November 5, 2013

Life insurance is a very important part of any estate plan. There are a variety of different life insurance options available in the market place today and these options can be custom tailored for every possible scenario and need. How is life insurance taxed, if at all? Great question, glad you asked. See below. […]

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