Purchase price allocations are an important part of negotiating a successful M&A transaction. The value of most assets — such as receivables, inventory and equipment — may be fairly straightforward. But the value of noncompete agreements is often a sticking point. To complicate matters, the buyer and seller may have conflicting tax objectives. This is […]
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will […]
Congratulations, Julia Damasco, on being recognized among American Lawyer’s “Top Rated Lawyers: Women Leaders in Law”! Julia Damasco advises clients on investor remediation; enforcement and collective actions; and the taxation of settlements and judgments. The protected data necessary to her work has led her to uniquely understand the privacy and data security issues faced by […]
Preventing, detecting, and investigating occupational fraud requires a deep understanding of the types of schemes, potential financial losses, emerging threats and risk mitigation strategies. To that end, the Association of Certified Fraud Examiners (ACFE) has published its “Report to the Nations,” the preeminent source for occupational fraud statistics and trends, every two years since 1996. […]
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you […]
The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records Depending on the […]
When you see the word “arbitration,” you might think of a business dispute, divorce proceeding or perhaps a big-league ballplayer at odds with his team about that season’s salary. But retirement plans that must comply with the Employee Retirement Income Security Act (ERISA) might also be subject to arbitration — if they include an enforceable […]
Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered, they’re accompanied by a management letter that suggests ways […]
A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot. ABCs of an HSA Similar to a traditional IRA or 401(k) plan, an HSA is a tax-advantaged savings account funded with pretax dollars. Funds can […]
Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free. But in some cases, it can have undesirable consequences, so be sure that you understand the implications before making an election to split gifts. Gifts of separate property Gift splitting is […]
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply. […]
Form I-9, “Employment Eligibility Verification,” is used to verify the identity and employment authorization of individuals hired for employment in the United States. As you’re no doubt aware, all U.S. employers must properly complete a Form I-9 for everyone hired, including citizens and noncitizens. Both employees and employers (or authorized representatives of an employer) need to fill […]