Summary: When costs are incurred to start a new business, or restructure a business, there are several options for how these costs may be treated for tax purposes. Costs that benefit a future period generally cannot be deducted currently (they’re capitalized). Exceptions exist. A recent private letter ruling clarified some issues as to the…
Summary: Family limited partnerships (FLPs) and limited liability companies (LLCs) are viewed by many as modern day reverse-alchemy able to turn valuable marketable securities into devalued interests for estate tax purposes. A recent case points out (yet again!) that this stuff is not child’s play, and risks abound. And as with so many estate, financial…
Sweat the Small Stuff, It Really Matters. Yeah they sold a lot of books with this theory, but the small stuff is really important. You should sweat it. All us Type A’s love to sweat them. Here’s a bunch of commonly overlooked things you should worry about. ■ Be sure you have copies…