Going out of Business: What You Should Know

Sometimes, you just have to close a business. Whether it is because of the economy, death, or because you can no longer manage the business, it’s always a huge decision. Once you make the decision, you must follow steps to close the business. If you are closing shop because the owner died and no family […]

How To Know When It’s Time To Update Your Will

A legally-binding will provides detailed instructions on how your assets are divided among friends, family members, and loved ones after you pass. The document puts the force of law behind your wishes. It may also create substantial tax benefits in conjunction with effective estate planning. The unwelcome alternative would be to allow the state to […]

Take Control of Tax Season with these 5 Tips

Because of the extensive changes in the tax law, you should contact a business tax attorney to help you with taxes. Even if you are working on your individual taxes, you should work with a tax professional. Before you have someone help you with your taxes, be sure everything is in order.
Update Your Beneficiary Designations
At […]

5 Tips on Preparing Your Business Taxes with an Attorney

Preparing business taxes is not a simple thing to do, even if you are a sole proprietor. Depending on how your business is set up, you may have to file different schedules. If you are a partnership, you don’t file taxes—you file an information return. Self-employed usually file Schedule SE and other types of businesses […]

Why Hire a Tax Attorney Rather than a CPA?

Between interactive software programs and simplifications to the federal code, filing your taxes may be easier than it has been in decades.

If you’re an hourly or salaried employee, perhaps you can sidestep the cost of hiring professional help. But if you own a business, manage a trust or have multiple investments, filing your taxes may […]

Tax Extension for Individuals Impacted by Hurricane Michael

If you or your business, reside in an “affected area,” you are automatically granted relief from certain deadlines (Treas. Reg. §301.7508A-1(c)).  In addition to those direct taxpayers, if your business records necessary to meet the deadline are located in an “affected area” you are also entitled to relief,” in addition to relief workers, and any […]

State Gift Taxation Highlights Need for Experienced Legal Advice

If the Tax Cuts and Jobs Act of 2017 taught everyday Americans one thing, it’s that politicians have vastly different ideas about fair and equitable taxation. Each state has its own standards about how much to tax people on income, real estate, personal property, retail sales and even automobiles in some places.  

With tax reform […]

Primary Considerations About How to Set Up a Trust?

There will come a time when you are no longer able to oversee your wealth. Whether that occurs as a result of death or disability remains to be seen. But at that critical juncture, it will be imperative that you have created a trust that provides details about how your wealth will be distributed and […]

Your Business: Annual Reporting vs. Quarterly Reporting

Public agencies must inform the public about its activities. This “accounting” includes expenditures and activities. This includes future activities. The information included should not be “washed.” It should include the good and bad about the company. Not only does a report advise the public what the company is doing, but it also forces the company […]

Staying Financially Organized During Your Busy Season

No matter what type of business you have, you probably have a busy season. For accountants, it’s tax time. For auto technicians, it’s usually during and after tax time when people have returns to put into repairs. Dealerships and retail establishments might see a busy season around or during tax time and again from just […]