Resources
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Charitable Contribution Deductions After New Tax Act
Question: I have historically itemized my deductions on my personal income tax returns, a meaningful portion of which consist of charitable contributions. What if anything can I do now that my charitable contributions will not provide any tax benefit to me?
Court validates right of ‘scrooge’ diners to give stingy tips
Tipping after a meal is a highly individual preference. Some food lovers will leave huge tips even if the soup arrives cold and the beer warm with the waitstaff nowhere to be found, while other customers tip frugally after receiving five-star service at a busy restaurant.
Avoiding Gain on Partnership Liquidations
Question: I am a partner in a two-person partnership which holds two condominium units for rental. Can we dissolve our partnership without paying tax on the appreciation in the condominium units?
Sales Rep Prevents Improper Termination with Rare Injunction
Sales rep lawsuits commonly seek to recover unpaid commissions following the termination of a rep contract.
Avoiding Debt Discharge Income by Limited Liability Company
Question: I own a 50% membership interest in a limited liability company (“LLC”) which is taxed as a partnership and I also own stock in a S corporation. The corporation advanced funds to the LLC in 2017. Since the LLC is no longer in business, do I as a LLC member have to report income from the non-repayment of the advance?
Tax Benefits from Vacation Home Rentals
Question: I will be renting out my vacation home for part of the 2018 year. If I have income from the rental, do I have to pay tax on the income? Alternatively, if I have a rental loss, can I deduct the loss?
Joint Tenancy Account as a Will Substitute
Question: With most of my estate consisting of cash in a bank account, I am considering retitling the account in joint tenancy with my daughter who is my only child. Isn’t this much simpler than preparing a Will and having my assets probated?
Changing a commission plan is no shoe-in
Unscrupulous principals might originally plan to pay the agreed-upon commissions to their reps, and will perhaps honor the contract terms for a while, or at least until the orders start coming in reliably.
Ghost of Steinbeck haunts decades of litigation over his works
So in our pride we ordered for breakfast an omelet, toast and coffee and what has just arrived is a tomato salad with onions, a dish of pickles, a big slice of watermelon and two bottles of cream soda. —John Steinbeck
When John Steinbeck penned, in his 1952 novel “East of Eden,” that “I believe there are monsters born in the world to human parents,” few readers could have envisioned that he might someday become one of those parents.
Avoiding Penalty Taxes on IRA Distributions with Periodic Payments
Question: I recently lost my job and need to withdraw funds from my somewhat sizeable individual retirement account for living expenses. Since I have not yet attained age 59 ½, is there a way to avoid the 10% penalty tax on my IRA distributions?