Tax

Your Family Will Not Lose Half of Your Estate to Taxes or Probate

Posted by on Oct 24, 2017 in Estate Planning, Estate Tax, Probate, Probate Admin, Tax | 0 comments

When faced with the question “what do you want to accomplish with your plan?” many clients respond that their primary objective is avoid “giving half of their stuff to the government”. While this is a very commonly cited goal of Estate Planning, it is not a realistic concern for the vast majority of clients.

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What We Do.

Posted by on Oct 28, 2015 in Business General Counsel, Business Planning, Estate Planning, Federal Taxes, Litigation, Probate, Tax | 0 comments

We are Ready to Help We are not like the “TV commercial attorneys”.  This is not meant to disparage the personal injury, disability or workers’ compensation attorneys who advertise on television, but we are in a completely different business than those lawyers.  By all means, if you are hurt in an automobile accident, give us a call.  We would be happy to refer you to an attorney who handles those matters.  We, however, will not be the attorneys representing you in those cases. Our Practice Areas So, if we are not suing for injuries, what is it we do as attorneys?  The simple answer is that...

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Favorable Ruling from the U.S. Tax Court in 2013 Unpaid Payroll Tax Case

Posted by on Jan 8, 2014 in Federal Taxes, Tax | 0 comments

During 2013, Penzien & McBride, PLLC obtained a favorable ruling from the United States Tax Court related to the requirement of the IRS to properly notify a taxpayer of his rights to appeal a proposed assessment of a Trust Fund Recovery Penalty (an assessment against a business owner or other responsible person for the business failing to remit payroll tax to the IRS). In a Memorandum of Fact and Opinion issued on May 30, 2013, the U.S. Tax Court, for the first time, ruled that actual receipt of a Letter 1153 is required before the IRS can move to levy or lien a taxpayer’s...

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Jointly Held Property: Good or Bad Idea?

Posted by on Jun 15, 2013 in Litigation, Probate, Real Estate, Tax | 0 comments

A frequent question that comes to us as lawyers is whether or not it is a good idea to maintain jointly held property.  The context of these issues often relate to situations where parents want to put their children’s name on their bank accounts or where siblings hold real estate jointly that once belonged to parents.  These questions about jointly held property come up with regard to all different types of property such as investment accounts, bank account, real property and even interests in debt where a party or parties are owed money pursuant to a promissory note.  Frequently the...

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Deducting Business Start-Up Expenses for Federal Taxes

Posted by on Dec 10, 2012 in Business General Counsel, Business Planning, Federal Taxes, Tax | 0 comments

While the decision of the U.S. Tax Court in McPartland v. Commissioner is not groundbreaking or surprising, it is a reminder to business start ups. Without going into a great deal of detail, what led to the controversy in McPartland involved a rental real estate business.  The Taxpayer purchased a property in 2007 for $10,000.  That property, as you would imagine, needed a great deal of work before it could be rented as a residence.  The Taxpayer incurred nearly $62,000 of expenses associated with renovating the home in 2007 but did not rent the home until 2010. The Taxpayer deducted the...

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Buying or Selling a Business – Asset Deal v. Stock Deal

Posted by on Aug 24, 2012 in Business General Counsel, Business Planning, Tax | 0 comments

We often have clients looking to buy or sell a business.  It is not uncommon for the parties to negotiate the basic terms of the deal before involving our firm, or the accounting and financial professionals.  A common problem we encounter is that parties negotiate a purchase price, and nothing else.  The structure of a business acquisition is very complex and involves a lot more than just the negotiation of the stated purchase price.  In fact, the structure of the deal as an asset deal or stock deal (or interest deal, in the case of an LLC) can have a drastic impact on how much of the...

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