The estate planning professionals at The Center for Financial, Legal and Tax Planning have perfected the 32-item list for valuation, estate and succession planning purposes. The list encompasses all aspects to ensure your valuation, estate or succession plan accounts for all relevant items. More specifically, the list seeks information necessary to understand the full picture of your business, as the importance of ensuring all proposals whether it be a business valuation, estate/succession plan, strategic plan, etc., all coincide with another. For example, the list requests personal tax returns. You may wonder why personal tax returns matter when you’ve engaged your advisor for a busines
Late last month, the Office of Chief Counsel of the IRS released a memorandum with regards to daily fantasy sports providers and the excise tax. It should be noted that the memo is not supposed to be cited or used as precedent. However, DFS players should take note to the memo as it is likely to result in an eventual increase in DFS fees/costs. The memo addresses multiple issues with regards to DFS. The first issue is whether a DFS operator, such as FanDuel or DraftKings, is liable for the excise tax on wagers under IRC Section 4401. For DFS activities to be considered taxable wagers, the entry fee must fall into the definition of a “wager” under IRC Section 4421(1). The memo concludes that
As more states begin to ease their COVID-19 related restrictions, more businesses will begin to open their doors. This means that commercial landlords should take note to some extra precautions to be taken with regards to keeping buildings open to tenants and operation issues. This blog will discuss how commercial landlords can ensure that they are not only protecting themselves, but their tenants and employees. Generally, landlords may choose to keep buildings open to tenants as certain tenants may be considered essential services. Additionally, some businesses may permit a “skeleton crew” to work from the office while most of the employees work from home. To protect people lucky enough to
Congress went back into session this week, and one of the items at the top of the agenda was additional coronavirus-related funding. Unfortunately, politics are going to play a large part in determining how long taxpayers have to wait to find out exactly what the new plan will entail. Here is a little bit of what we can expect in the new stimulus package. First, both Democrats and Republicans agree that individual taxpayers should receive another round of direct payments. In all likelihood, this portion is going to provide $1,200 to individuals, $2,400 to married couples, and a $500 payment for each dependent. In the CARES Act, the cutoff to receive a $500 dependent check was age 16 and youn
