Bankruptcy Court Favors DCF to Value Dissociated Interest
Hanckel v. Campbell (In re Hanckel), 2015 Bankr. LEXIS 4202 (Dec. 11, 2015) Prior to filing for Chapter 7 bankruptcy, the debtor, who owned a stake in a family business, transferred his share to his father, the co-owner. Subsequently, the Chapter 7 trustee proved the...
Important Tax Figures for 2017
The dollar amounts allowed for various federal tax benefits are subject to change every year based on legislation and inflation adjustments. Here are some important tax figures for 2017, compared with 2016, including Social Security wage base, qualified retirement...
Beware of a 100% Personal Liability Penalty
When federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government, a "100% penalty" can be assessed against a responsible person. The purpose of this Trust Fund Recovery Penalty is to collect withheld...
Appeals Court Fudges DLOM Issue in Divorce Case
Grant v. Grant, 2016 Tenn. App. LEXIS 327 (May 12, 2016) Appraisers rely on clear directives from the courts to produce sound valuations, but they may not always get them. A recent Tennessee appellate ruling in a divorce dispute is a case in point. The issue was...
Savor Business Entertainment Tax Breaks
Did you know that when your Maine business entertains clients or customers that you can have a good time and still deduct part of the cost when you entertain business clients or customers? Generally, the tax law permits you to deduct 50 percent of the cost of...
Breach of Non-compete Means Damages for ‘Loss Sustained’ and Lost Profits
Pattridge v. Starks, 2016 La. App. LEXIS 315 (Feb. 24, 2016) An economic damages case stemming from the breach of a non-compete agreement features a noteworthy discussion on the difficulty of quantifying losses where the injured company is of a “volatile nature.” The...
10 Important Tax-Related Developments for 2016
Last year, there were several significant tax developments that may affect federal income tax returns that individual and business taxpayers file in 2017. Here's a quick look at 10 key changes that you should be aware of during this tax season. 1. Stand-Alone HRAs...
Working Out a Tax-Free Perk
Does your Maine business offer health insurance and group-term life insurance, as well as an array of fringe benefits to its employees? While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as...
Factoring Uncertainty into the Value of Your Business
There are numerous uncertainties in the marketplace currently facing businesses. Tax laws could substantially change as President Trump and Republican congressional leaders work toward fulfilling their campaign promises. The estate tax could be repealed, and various...
IRS Extends Deadline to Provide 2016 ACA Forms to Recipients
Recently, the IRS announced that it is extending one of the deadlines for providing 2016 Affordable Care Act (ACA) information statements to recipients. Specifically, the due date for furnishing to individuals the 2016 Form 1095-B (Health Coverage) and the 2016 Form...