The Internal Revenue Service has recently increased its audits of gifts of real estate interests. In light of this, and in light of the importance of the gift tax rules in general, it is important that one understands the applicable tax rules prior...
Determining whether a worker is an employee or an independent contractor is a complex judgment, and bright-line rules are virtually non-existent. However, the classification of a given worker carries huge tax consequences for both the worker...
Many small businesses are tempted to classify workers as independent contractors as it allows lower overhead and withholding taxes for that employee. Often, though, they take questionable (or outright wrong) positions to do so. This...
Giving employees cell phones can make them more productive, useful employees. The IRS has long recognized this, and has allowed these cell phones to qualify as excludable fringe benefits. This article highlights recent clarifications by...
Many business owners and plan sponsors do not update their retirement plan documentation for changes in the tax code. This can result, in the worst case, in a massive tax bill for the plan sponsor. In this post on his blog, Steve Fromm...
Although the downturn in the economy has left many small businesses concerned over the decline the value of their businesses, Steven Fromm tries to outline a silver lining to a business' value decreasing. For those shareholders who have been looking...