Reviewing the U.S. Tax Court ruling in Avrahami v. Commissioner involving an 831(b) captive insurance company.
The U.S. Tax Court recently ruled in Avrahami v. Commissioner, involving a captive insurance company under Section 831(b) of the Internal Revenue Code (IRC).
IRS moving Tax Day deadline from April 15 to July 15
In addition to the tax payment deadline that was previously extended, (link – https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020) the IRS announced today that at the President’s direction the IRS is moving Tax Day back from April 15 to July 15.
Year End Planning Tip – Check Your Estate Planning Documents
With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season. One area that married couples should revisit is their estate planning documents.
Do you know what is important about the “Purchase Price Allocation” in an asset purchase transaction?
Generally speaking when purchasing a business, the buyer is only going to want to acquire the assets of that business and not buy the actual business entity. Why not? Well, the entity could have unwanted characteristics or hidden liabilities. For example, if the previous owner made a mistake on a tax return, that mistake could lead to thousands in […]
