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Abandonment - The Sequel

By Amanda Wilson on Feb 27, 2015 in Business Owners, code, IRS, tax court, International

By:  Amanda Wilson Here is a brief article that goes into more detail than yesterday's post regarding the recent decision that impacts abandonment losses.  The article can be found here.

Abandonment Losses Back on the Table!

By Amanda Wilson on Feb 26, 2015 in Business Owners, IRS, tax court

By:  Amanda Wilson Several years ago, many taxpayers faced with underwater partnerships would abandon their partnership interests, thereby triggering an ordinary loss.  This ordinary loss was often preferred over the capital loss that would be...

Don't Miss the Boat!

By taxingtimes on Feb 9, 2015 in Business Owners, code, irc, LLC, Partnership Tax, Tax, Tax Day, International

By:  Amanda Wilson Undoubtedly, right before the end of the year, you were inundated with information about steps you could take as part of the year-end tax planning for your business. While the end of the year does offer great tax planning...

Is Your Compensation Reasonable?

By taxingtimes on Jan 12, 2015 in Business Owners, IRS, S Corporation, Tax

By Amanda Wilson If you are an employee of a company for which you are also an owner, you should consider reviewing your current compensation for its reasonableness.  It is very common for small businesses to be formed as Subchapter S corporations. ...