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Business Succession Solutions

Business Succession Solutions

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Tax court finds self-employment tax for active LLC member

Steve Gorin May 25, 2017
tax forms

A recent Tax Court opinion, Castigliola v. Commissioner, held that an active LLC member was liable for SE tax. This article describes that case, compares and contrasts that case to the Hardy case, and provides planning suggestions. READ MORE

Using an S corporation to avoid self-employment tax

Steve Gorin April 25, 2017
illustration of a hand stopping a punch

Here we examine why the U.S. Tax Court rejected a financial consultant’s efforts to shift income to an S corporation to save self-employment tax, and how another approach may have been more successful in avoiding SE tax. READ MORE

Tax court finds no self-employment tax for passive LLC member

Steve Gorin March 28, 2017
Tax

Self-employment (SE) tax is one of the driving forces when a tax advisor recommends what type of entity to use for one’s business. READ MORE

Lawyers: Give your clients a business entity checkup

Steve Gorin February 16, 2017
Medical money

As we prepare for perhaps another round of major tax law changes, you might want to consider the status of your clients’ legal postures. Making a client’s business structure more nimble or setting the stage to obtain outside or inside basis step-up could offer some solutions. READ MORE

Highlights from the 2017 Heckerling Institute on Estate Planning

Steve Gorin January 24, 2017
lightbulb grid

Each January, the University of Miami hosts the Heckerling Institute on Estate Planning, the country’s largest estate planning seminar. Here I provide links to the seminar summary reports sent to my newsletter subscribers, along with parts of my commentaries. READ MORE

CPAs: Top 10 list for fiduciary income tax returns and planning

Steve Gorin January 20, 2017
calculator and pen

As we near tax season, below are some tips for CPAs when planning and preparing tax returns for trusts, along with a link to an upcoming webinar on this very topic. READ MORE

Tax basis: The key to reducing gain on sale or deducting asset purchases

Steve Gorin January 10, 2017
close-up image of a welding machine

This article discusses key ideas used in reducing or eliminating gain subject to tax when you sell an interest in your business or when your business sells part or all its assets. These ideas can also possibly help those who buy or inherit a business obtain better tax write-offs. READ MORE

How to avoid tax traps in life insurance

Steve Gorin January 10, 2017
insurance policy

Beware that an employer-owned life insurance contract might not qualify for the usual exclusion from regular income tax. That trap may also apply to buy-sell life insurance owned by the company, whether or not the person who is insured is an employee. READ MORE