Question: I own an interest in a limited liability company with others through which we operate a professional service business. Our company holds a significant amount of assets largely consisting of equipment, accounts receivable and cash. How can we protect the company assets from creditors in a tax-effective manner?
Question: I own a policy of insurance on my life that I am selling to a third party at a profit. What tax consequences and other concerns do I have?
Question: I personally realized a large capital gain from the sale of my stock. Can I avoid or defer the gain by reinvesting some or all of the sale proceeds in a qualified opportunity zone investment?
Question: I am buying an insurance policy on my life that contains a long-term care insurance rider. Can I transfer the policy to an irrevocable insurance trust and still benefit from the long-term care feature?
Question: I received a distribution from a limited liability company in which I am an owner representing proceeds from the refinancing of a commercial loan on company property. Can I deduct my share of the interest on this debt?
Question: I am planning to remarry and want my 401(k) plan benefits paid to my children upon my death, not to my future spouse. Do I need a prenuptial agreement to accomplish this?
Question: Is there any way to deduct business entertainment expenses after the most recent tax legislation?
Answer: The Tax Cuts and Jobs Act of 2017 fully eliminated deductions for entertainment expenses incurred by taxpayers, effective for tax years beginning after December 31, 2017.
Question: I am contemplating purchasing an interest in a limited liability company as an investment. What tax consequences if any I should be concerned with?
Question: Under the new tax law, can I deduct 20% of my S corporation income?
Question: Can you provide some guidance from a tax perspective to my business partner and I on the best structure for a new business we are starting?
Question: My S corporation, previously a C corporation, has historically received rental income from a real estate property. Now that the company’s operating business has been sold, can the S corporation passive income tax on rental income be avoided?
Question: I am selling the stock of my small, closely-held corporation. What must I do to exclude the gain from taxation?
Question: I was granted incentive stock options and non-qualified stock options from my company prior to the time the company went public. Can you explain the tax consequences and whether I am better off buying and holding the stock or doing cashless exercises?
Question: As a surviving spouse, most of my assets are held in my deceased husband’s bypass trust to which I am entitled to distributions of income and principal. Since I will no longer be subject to estate taxes, is there an advantage to my withdrawing as much money as possible from this trust?
Question: I am one of several members in a limited liability company treated as a partnership for tax purposes which is being sold. If we sell our membership interests to the buyer, can the gain be reported as capital gain?
Question: My father died holding all of his assets in a revocable trust. Must the trust’s tax returns be filed using a calendar year-end?
Question: I have been pondering converting my traditional IRA to a Roth IRA for many years and question whether the new tax law makes a conversion more or less beneficial?
Question: My spouse and I are about to divorce. Can I deduct any alimony payments I make to my spouse?
Question: I have historically itemized my deductions on my personal income tax returns, a meaningful portion of which consist of charitable contributions. What if anything can I do now that my charitable contributions will not provide any tax benefit to me?
Question: I am a partner in a two-person partnership which holds two condominium units for rental. Can we dissolve our partnership without paying tax on the appreciation in the condominium units?