Transfer Assets through Grantor Retained Annuity Trusts (GRATS)
There are several estate planning tools designed to assist in the transfer of assets to a trust for beneficiaries while also retaining the grantor’s right to income or use of the asset.
RESOURCES
Want to File an Amended Tax Return?
Let’s say you discover a deduction that was overlooked on a federal tax return that has already been filed. Or you realize that you didn’t report some income. Perhaps you heard about a recently passed tax law that includes retroactive tax breaks you can benefit from.
Keep Family Businesses Going for Generations
According to Forbes.com, 80-90% of all firms across the globe and the top 500 largest family-owned firms generate a combined annual revenue of $6.5 trillion which totals an economy only smaller than the U.S. and China.
Put Social Media Networking site to Work for your Family Business
Traditional media outlets such as newspapers, radio and television have long served the purpose of delivering one-way messages, like your company’s advertising. Social media, by contrast, uses Web-based platforms to not only deliver your message, but to allow the recipient to participate.
Limiting Personal Liability by Creating a C Corporation
Business owners often use C corporations as a means of limiting personal liability. Typically, the owners attempt to shield their personal assets from business related liabilities.
How the IRS Proves Fraud and Why It Can Be Devastating
In general, a tax assessment by the IRS is presumed to be correct. A taxpayer can overcome the presumption with proof. That situation is reversed when the IRS asserts fraud. In those instances, the IRS must prove, by clear and convincing evidence, that fraud exists.
Avoiding Passive Losses
Since the Great Recession of 2008, the nation’s rental market has been an economic bright spot for investors. The median rent for a new apartment climbed to $1,372 last year, a 26% increase from 2012.
Financial Benefits from Hiring Your Children
It can be difficult in the current job market for young people and recent college graduates to find full time and summer jobs. Business owners with children in this situation may be able to provide them with valuable experience and income while generating tax and financial savings for themselves.
Court: No Pay for Employees Monitoring Electronic Devices during Lunch
A federal district court recently sided with an employer in a dispute regarding whether employees had to be compensated for on-call time, activities before and