Posts Tagged "IRS"

Investment Adviser Fees

Posted by on Jun 25, 2012 in Estate Planning, Federal Taxes, Securities Arbitration | 0 comments

Below is a link to an interesting article about whether investment management fees are deductible.  We are seeing a number of clients come to our office that have entered into management agreements for their investment accounts without ever considering the true costs of those agreements.  Some simply assume that the costs they are paying would be deductible off of their taxes and are later surprised by the fact that they have earned to much money for that to be so. Are Investment Management Fees Tax Deductible? This serves as yet another reminder of the fact that investors should thoroughly...

Read More

Does the IRS Auditor Have the Final Say?

Posted by on Jul 19, 2011 in Federal Taxes | 0 comments

You received a notice that the IRS is auditing your tax return.  The audit is completed and the Examining Agent proposes a significant increase to your tax liability.  Is it time to open your checkbook and say goodbye to your nest egg?  Not necessarily. Once the audit is complete, the next step is usually for the IRS to issue a “30 day letter”.   This is a letter to inform you that the IRS is intending to assess additional taxes against you.  The letter explains that you have 30 days to file a protest to the IRS Appeals Office.  But is appealing the decision of the auditing agent really...

Read More

Personal Liability for Certain Corporate Tax Debts

Posted by on Jun 16, 2011 in Business Planning, Federal Taxes | 0 comments

Some business owners incorporate, or form an LLC, in order to gain credibility for their business ventures.  The real reason for forming a corporation (or LLC), however, is the separation of personal assets from business debts, and business assets from personal debts.  This concept is often called the “corporate veil”.  But certain activities can pierce the corporate veil and subject the owners and managers of the business to personal liability for debts of the corporation/LLC. An unfortunate fact of life for many business owners and managers is the occasional cash-flow crunch.  Prioritizing...

Read More