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Showing all 11 results
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How about that new lease-reporting standard? New accounting rules call for constant vigilance
November / December 2023
Newsletter: Contractor
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) took effect for privately held businesses in 2022. This new lease-reporting standard sets forth rules that could markedly affect certain financial ratios for construction companies that lease property and equipment. This article reviews the old rules, describes the new rules and discusses how the new standard may impact some of those ratios. A sidebar notes that the new lease-reporting standard could impact a construction company’s tax liability.
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DLOM dilemma – Defendants’ bad-faith behavior precluded marketability discount
March / April 2023
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: In Sipko v. Koger, Inc., the New Jersey Supreme Court found that a discount for lack of marketability (DLOM) was inappropriate, noting the “defendants’ bad-faith behavior throughout this 15-year litigation.” This article summarizes this family business drama. A sidebar discusses the issue of applying DLOMs to controlling interests in private businesses to reflect the time and effort needed to convert them to cash. Sipko v. Koger, Inc., 276 A.3d 160 (N.J. Sup. Ct. 2022).
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DLOM dilemma – Defendants’ bad-faith behavior precluded marketability discount
March / April 2023
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: In Sipko v. Koger, Inc., the New Jersey Supreme Court found that a discount for lack of marketability (DLOM) was inappropriate, noting the “defendants’ bad-faith behavior throughout this 15-year litigation.” This article summarizes this family business drama. A sidebar discusses the issue of applying DLOMs to controlling interests in private businesses to reflect the time and effort needed to convert them to cash. Sipko v. Koger, Inc., 276 A.3d 160 (N.J. Sup. Ct. 2022).
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Goodwill in divorce: Personal or enterprise?
May / June 2022
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: The handling of goodwill in divorce cases varies depending on the jurisdiction and case facts. This article summarizes a recent Tennessee Court of Appeals decision that provides an overview of the factors used to differentiate between personal and enterprise goodwill. A sidebar shows that it’s important to check your math when allocating nonbusiness marital assets. Cela v. Cela, No. 019-01861-COA-R3-C (Tenn. App. July 30, 2021).
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Independent contractor vs. employee – Is your business classifying workers properly?
November / December 2021
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: The “gig economy” has affected nearly every industry and profession. From a business’s perspective, there are tax and other advantages of classifying workers as independent contractors rather than employees. But it’s important to remember that workers aren’t independent contractors simply because a company says they are. This article examines how a worker’s status is determined and explains the tax advantages of both classifications. A sidebar discusses the need for companies to consider all applicable standards, both federal and state, as part of the classification process.
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EIDLs offer access to working capital
Summer 2021
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: Many construction businesses have struggled during the pandemic. One way to obtain some helpful working capital is a COVID-19 Economic Injury Disaster Loan offered by the Small Business Administration. This article discusses the details and requirements of these loans. A sidebar warns recipients of Paycheck Protection Program loans about misuse of funds.
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3 tips for making retirement less taxing
July / August 2021
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: Recent retirees often are surprised by the size of their tax bills. As they soon learn, income taxes during retirement can be significant. However, it’s possible to soften the blow. This article offers three tips: divide income sources into three buckets; delay Social Security benefits; and manage required minimum distributions. A sidebar reveals the best time to convert a traditional IRA to a Roth IRA.
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Limited partner or assignee interest: Tax Court sides with IRS
March / April 2019
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: Wealthy taxpayers sometimes incorporate family limited partnerships (FLPs) in their estate plans to help minimize federal estate and gift taxes. Historically, the IRS has been aggressive in challenging such arrangements. This article summarizes a recent case in which the U.S. Tax Court sided with the IRS, offering a valuable reminder that, when it comes to the federal tax effect of intrafamily transfers of interests, labels aren’t determinative. Rather, the court will consider the substance of the transaction. A sidebar explains how the court handled valuation discounts. Estate of Streightoff v. Commissioner, T.C. Memo. 2018-178, Oct. 24, 2018
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Work-related education – When can you deduct your expenses?
May / June 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: Those heading back to the classroom to improve their marketability may, depending on their income level and other factors, qualify for education tax credits (such as the Hope credit or Lifetime Learning credit) or the tuition and fees deduction. But this article focuses on deducting the cost of education as a business expense. It explains what is and is not deductible, and one instance in which an unemployed person might be able to deduct expenses. A sidebar addresses the issue of whether the cost of obtaining an MBA is deductible.
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Fraudulent transfer laws – Don’t let creditors undo your estate plan
August / September 2010
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: Most people wouldn’t even consider transferring or hiding assets to avoid paying their creditors. But the fraudulent transfer laws can also jeopardize perfectly innocent, legitimate estate planning moves. And if creditors challenge gifts, trusts, retitling of property or other strategies as fraudulent transfers, they can quickly undo an estate plan. This article examines the difference between actual vs. constructive fraud, and explains the importance of analyzing one’s net worth before making substantial gifts. A sidebar lists factors that may signal an intent to defraud.
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Home run – FLLCs enjoy a Tax Court victory
January / February 2009
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 898
Abstract: In recent years, taxpayers have found themselves on the losing end in cases questioning the legitimacy of FLPs and FLLCs. But, in a 2008 case, Estate of Mirowski v. Commissioner, the U.S. Tax Court threw a curve ball, allowing family FLLC assets to be excluded from the decedent’s gross estate. This article summarizes the case and suggests that taxpayers can use the court’s findings to form and operate these vehicles.