We’re more than halfway through the month of August and many college students are returning to their campuses where they will resume their studies. It should be a time of great expectation for these students and for their families.[i]
Unfortunately, for all too many of these young adults, the prospect of
The owners of a closely held business are generally free to select the form of business entity through which they will operate their business. In most cases, hopefully, the decision to operate as a sole proprietorship,[i] a partnership, an S corporation, or a C corporation will have been preceded by discussions
As a novice tax adviser, you learn certain basic principles by which to live your professional life. Among these are the following: read, then keep on reading; try to always get two bites at the apple; and don’t allow yourself to be surprised. With experience, you come to understand and to appreciate
Several years back, a client who had just sold their business inquired about investing some of their proceeds from the sale in a “cryptocurrency mining” venture based in Upstate N.Y. I thought they had lost their mind. “A what?” I asked. The client replied that the project involved the use of many powerful computers, but
It may be the dream of every parent who owns a closely held business that one or more of their children will follow in their footsteps. They envision a time when a child will enter the business as an employee, learn the “ins and outs” of the business, pay their
How many times have you sat with a client who wants to leave N.Y. for a jurisdiction with a more pleasant “tax climate?” A place where the combined state and local personal income tax rate does not approach 12.87-percent,[i] where the sales tax is well below
Tax Law for the Closely Held Business blog author Lou Vlahos was extensively quoted in Peter J. Reilly’s July 8 Forbes column “Clever Techniques To Defer Capital Gains – Maybe Too Clever.”
Below is an excerpt that includes Lou’s commentary on monetized installment sales:
Does MIS Work?
Mr. Greenwald told me that he thinks [monetized
Over the last few months, we’ve been working on a number of transactions that involve the division of a closely held corporation or partnership.
In each instance, the impetus for the division has been the desire of the business entity’s owners to go their separate ways so as to enable them to
What if I told you that you could sell your property today, receive cash in an amount equal to the property’s fair market value, and defer the payment of any tax imposed upon the gain from the sale?[i]
It sounds contrived, doesn’t it? How can one have their cake
Tax Law for the Closely Held Business blog author Lou Vlahos was extensively quoted in Peter J. Reilly’s latest Forbes column. He opined on the constitutionality of a wealth tax.
Below is Lou’s commentary:
[The wealth tax] is clearly a direct tax – period – which means that it has to satisfy the apportionment requirement.