I was listening to the radio Friday evening when the announcer described a news report to be aired after a commercial. Normally, I would change the station but was intrigued by the story — a son evicting his mother from the home she had lived in for forty years. The news story reported that the… Continue Reading
Monthly Archives: February 2012
Tips on Independent Contractor Tax Compliance
Posted in Form 1099, Independent Contractor, TaxesWhile there are many issues connected with protecting the employer in dealing with independent contractors, a few important issues exist concerning the issuance of 1099s. As noted by the American Payroll Association (APA) in their January press release, below are the key points of which every employer should take note: 1. Form 1099-MISC is required… Continue Reading
IDENTIFYING SANDBOX ISSUES
Posted in Asset Protection, Estate Planning, Family Business, Family Wealth, Gift Tax, Power of AttorneyIdentifying Sandbox Issues In the prior post from February 21st, I identified circumstances that resulted in the destruction of family wealth. In this post, I want to address what Frank Brunetti terms “Sandbox Issues. Sandbox issues are conflicts among siblings during childhood that remain unresolved into adulthood, until they erupt in direct conflict over the… Continue Reading
Tax Issues that Impact Your Wealth,Part V: Qualified Small Business Stock
Posted in Business, Business Entities, Qualified Small Business Stock, Social Media, Tax Issues that Impact Your Wealth, Video, YouTubePart V: Qualified Small Business Stock Yesterday, Scarinci Hollenbeck Launched, “Qualified Small Business Stock”, the fifth installment of a seven part video series, “Tax Issues That Impact Your Wealth.” Each new installment to the series will be posted to this on Wednesday blog and to Scarinci Hollenbeck’s YouTube every Tuesday, so be sure to stop… Continue Reading
The Fight Over the Un-dead Parent
Posted in Business, Family Business, Power of Attorney, Revocable Living Trusts, UncategorizedFrank Brunetti and I were discussing business succession plans for a client the other day, and he uttered the phrase that is the title of this blog post. It will stay with me forever, because every business attorney has seen family disputes involving business succession. In a nutshell, they often become the Fight Over the… Continue Reading
Tax Issues that Impact Your Wealth,Part IV: Interest Rates
Posted in Interest Rates, Social Media, Tax Issues that Impact Your Wealth, Uncategorized, Video, YouTubePart IV: Interest Rates Yesterday, Scarinci Hollenbeck Launched, “Interest Rates”, the Fourth installment of a seven part video series, “Tax Issues That Impact Your Wealth.” Each new installment to the series will be posted to this on Wednesday blog and to Scarinci Hollenbeck’s YouTube every Tuesday, so be sure to stop by and check out… Continue Reading
Unpaid Federal Taxes, Lead to Federal Tax Liens
Posted in Federal Tax information, IRS, Tax Liability, Taxes, Uncategorized, UnpaidProving that celebrities are not above the law, the IRS recently served rapper Lil’ Kim with a tax lien for allegedly dodging more than $1 million in taxes. While it is celebrity tax stories that most often make the headlines, businesses and individuals frequently face the serious consequences of having a tax lien filed against… Continue Reading
Sometimes Random Client Telephone Calls Produce the Most Interesting Questions
Posted in Expatriate tax, Federal Inheritance Tax, Internal Revenue Code, IRS, Pre-Nuptial Agreements, TaxesI received a call from an old client who had retired and moved away. The client had met a prospective spouse who was a citizen of a civil law country, and they were discussing marriage. In addition, they were also discussing moving permanently to a third country, where neither one was a citizen or resident. … Continue Reading
Tax Issues that Impact Your Wealth: NJ Estate Planning & Dynasty Trusts
Posted in Business Entities, Dynasty Trusts, Estate Planning, Tax Issues that Impact Your Wealth, Uncategorized, Video, YouTubePart III: New Jersey Case Law Today, Scarinci Hollenbeck launched the third installment of a seven part video series “Tax Issues That Impact Your Wealth.” This video features your author Jim McDonough as I discuss Estate Planning & Dynasty Trusts. Each new installment to the series will be posted to Scarinci Hollenbeck’s YouTube every Tuesday… Continue Reading
Is the Sale Price of a Residence Determinative of Its True Value for purposes of Real Property Tax Assessments?
Posted in Market Value, Property Tax, Property Tax Assessments, Residence Sale Price, Taxes, True ValueNo, the residence sale price standing alone is insufficient to provide reliable evidence of market value in the absence of other corroborative evidence. The New Jersey Tax Court has affirmed a municipality’s determination of true value of a residential property after finding that the purchaser’s sale price standing alone was insufficient to provide a reliable… Continue Reading
How About Adopting an Adult?
Posted in Adoption, Asset Protection, Generation Skipping Tax Exclusion, TaxesSeldom do news stories raise the attention of many lawyers; however, yesterday there was an exception. A wealthy individual killed a young man while allegedly driving under the influence and is now awaiting trial in Florida (the “Driver”). [My condolences to the victim’s family.] In 1991, the Driver established a trust in Texas for the… Continue Reading
Nostalgia
Posted in Blog, Internal Revenue Code, IRSI received an email from the AICPA about a seminar. The email described the Internal Revenue Code (“IRC”) as having 71,600 pages and its size is increasing at a rate of 3.28% a year. It went on to state that one must keep current of all of the changes and reminded the reader that revenue… Continue Reading