■ S Corporation Compensation Games. Mr. Big only gets paid $500/week, but gets a distribution of $1 million/year form his S corporation. Why? Might it have something to do with minimizing payroll taxes? Mr. B, the IRS wasn’t born yesterday! Distributions and other payments by an S corporation to an officer must be treated as…
■House Closings. Perhaps for the first time in memory banks have reneged on funding mortgage commitments they have approved. Buyers should protect themselves by having real estate counsel address this risk in the mortgage contingency clause in purchase contracts. Thanks to Kenneth J. Gould, Esq. White Plains, NY. ■ Legal Fees for Docs….
Summary: It’s been a very rough year for everyone. The purpose of this article is not to trivialize the pain that many have suffered and continue to suffer. Nor to any manner imply that recent economic events could have been anticipated or planned around. Recognizing this, and that hindsight is always 20-20, lessons can…
Summary: Art and collectibles raise a host of unique issues and considerations affecting income tax, insurance, estate and charitable planning. The subject matter is so broad that this brief checklist can at most highlight the breadth and complexity if the topic, not provide a comprehensive guide. ■ Recordkeeping for Art and Collectibles: Maintaining…