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Articles Archive

Offers In Compromise

This letter is intended to answer in more detail your question regarding the use of the IRS\'s Offers in Compromise program to settle your tax liability with the IRS at an amount that is less than you…

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Losses on Ponzi Investment Schemes

The IRS recently released guidance addressing the tax treatment of losses for individuals affected by ponzi investment schemes. The IRS clarified that the guidance is not specifically for Madoff victims but for all individuals who have experienced…

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Starting or Converting a Business - LLCs

Many businesses operate as limited liability companies (LLCs) in all states, and the press and media have nothing but good things to say about them. Is all the hype justified? Much of it is. Limited…

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Compensating Key Employees

Clearly, one of the most important factors in attracting and holding key employees is your company\'s program for compensating executives. Naturally, the basic salary is of great importance, but equally important may be special…

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Using Trusts - Meeting Tax & Non Tax Goals

Trusts have been used as integral parts of sophisticated tax and financial arrangements for centuries. Exactly how they are used, however, depends on a person\'s particular goals, currently applicable tax rules, and other factors.…

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New IRS Audit Initiatives

We would like to alert you to some significant changes in the way the IRS targets businesses for tax audits, and how it conducts them. When you read statistics about the percentage of returns that are audited,…

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Moratorium on Required Minimum Distributions for 2009

As a taxpayer subject to the required minimum distribution rules, you may be affected by a provision of The Worker, Retiree, and Employer Recovery Act of 2008 (2008 Worker Act). Under the 2008 Worker Act, no minimum…

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Allocating Sales Price - Sale of Business


Re: Disposing of a Business - Allocating Sales Price



When the assets of a going concern are sold to a single buyer, the buyer and seller generally must allocate the purchase price among…

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Living Trust - Is It Right For You?


Re: Using Trusts - Is a Living Trust Right for You?



"Revocable living trusts" have become popular estate planning tools. Whether a living trust is right for you, however, depends on a number…

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S Corporation Audit Triggers



S corporations remain "king of the entities" among those forms of doing business nationwide. Except for the unincorporated sole proprietorships, the S corporation is the most popular form of small business in the United…

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Starting or Converting a Business - LLCs

A few years ago, hardly anyone had heard of limited liability companies. Now businesses can operate as LLCs in all states, and the press and media have nothing but good things to say about them. Is all…

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Life Insurance in an Estate Plan

Estate Planning - Life Insurance in an Estate Plan

Besides protecting your family from financial hardship, life insurance also can be an estate-planning tool to transfer large sums to your loved ones free of estate tax and at…

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