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Sales Tax and the Out of State Buyer

If your company makes sales to out-of-state buyers, do you need to collect state sales tax? Until recently, Supreme Court decisions from the 20th century declared that would not necessarily be the case. Example 1:...

Funding Your Company's Buy-Sell With Life Insurance Can Be Tricky

Among the trigger events of a small company buy-sell agreement, death of a co-owner typically is included. Example 1: Wendy Young and Victor Thomas both own 50% of YT Corp. They have a buy-sell, which calls for...

Life Insurance for More than Just Cash Flow

Many people think of life insurance as a product for family protection. The life of one or two breadwinners is insured; in case of an untimely death, the insurance payout can help with raising children and...

High Tax States Consider SALT Countermoves

Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be...

Tax Opportunity Zones

Qualified Tax Opportunity Zones Overview The Tax Cuts and Jobs Act introduced IRC §1400Z-2 Special Rules for Capital Gains Invested in Opportunity Zones. This section allows a taxpayer to elect to defer or...

Education as a Small Business Fringe Benefit

The Tax Cuts and Jobs Act of 2017 dramatically reduced taxpayers’ ability to itemize deductions. Among the tax deduction opportunities that have vanished, from 2018–2025, are miscellaneous itemized deductions...

The Forever G.I. Bill

When you think of the G.I. Bill, you probably recall reading about a program designed to help military veterans receive college educations after they left the armed forces following World War II. Somewhat less known...

Youth Movement: 529 Plans for Elementary and Secondary Education

For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages....

Accounting Standards Update for Revenue Recognition

When the Financial Accounting Standards Board ("FASB") passed Accounting Standards Update ("ASU") 2014-09 for revenue recognition, concern about the time and requirements involved with implementing the standard arose...

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