Year end tax planning in uncertain times

In today’s uncertain economic times, with potential tax law changes on the horizon, tax planning can be a challenge. Between now and year end, it’s important to monitor your financial situation closely, keep an eye on Congressional developments and work with your tax advisor to devise a tax plan based on your best guess as to what the future holds. With that in mind, this article explores strategies that may work for your financial situation.
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Be reasonable! — Court weighs in on executive compensation

The Internal Revenue Code allows a business to deduct a “reasonable allowance for salaries or other compensation” it pays to executives and other employees. When an executive is also a shareholder of a C corporation, the IRS may challenge compensation it believes is unreasonably high, arguing that the excess is really a disguised dividend. Dividends aren’t deductible, so by characterizing payments as deductible compensation, the company reduces its tax bill. This article reviews a recent case, Menard, Inc. v. Commissioner of Internal Revenue (March 10, 2009), and the potential impact on businesses.
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Married with children? A QTIP trust can help you achieve your estate planning goals

As a spouse and parent, you have the difficult challenge of ensuring your spouse is provided for after your death while making certain there are assets left for your children’s inheritances. Trying to meet both objectives while minimizing estate taxes is no small feat. This article looks at how a qualified terminable interest property (QTIP) trust can help.
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Tax Tips

This article briefly looks at deducting job-search expenses, cost segregation studies and Social Security Numbers.
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