Do You Need an Estate Plan?

  • May 9, 2011

Anyone who owns property – a home, a car, investments, business interests, a retirement plan, personal belongings, etc. – needs an...

Tax Reform Debate Heats Up As Deficit Grows

  • May 2, 2011

The growing U.S. deficit and the increasing attention being paid to it by financial markets is creating what many see as the "perfect storm" that will drive the debate over tax reform. Whether "tax reform" will include tax increases --and whether "tax simplification" will include a flattening of existing tax rates through cutting back on deductions and credits to which many individuals and businesses have grown accustomed-- are questions that will soon be raised as Congress starts a tough fight over the FY 2012 federal budget.

FAQ: What is a Limited Liability Company?

  • May 2, 2011

A limited liability company (LLC) is a business entity created under state law. Every state and the District of Columbia have LLC statutes that govern the formation and operation of LLCs. The main advantage of an LLC is that in general its members are not personally liable for the debts of the business. Members of LLCs enjoy similar protections from personal liability for business obligations as shareholders in a corporation or limited partners in a limited partnership.

Next Year’s Tax Return Starts with Good Recordkeeping

  • May 2, 2011

As the 2011 tax filing season comes to an end, now is a good time to begin thinking about next year's returns. While it may seem early to be preparing for 2012, taking some time now to review your recordkeeping will pay off when it comes time to file next year. Taxpayers are required to keep accurate, permanent books and records so as to be able to determine the various types of income, gains, losses, costs, expenses and other amounts that affect their income tax liability for the year.

Scope of Information Reporting Continues to Expand

  • May 2, 2011

Information reporting continues to expand as Congress seeks to close the tax gap: the estimated $350 billion difference between what taxpayers owe and what they pay. Despite the recent rollback of expanded information reporting for business payments and rental property expense payments, the trend is for more - not less - information reporting of various transactions to the IRS.