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Blog Posts in Tax

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

    We try to get a feel for the client’s real objectives in setting up a plan at the initial Estate Planning meeting. This allows us to create a plan that is customized to meet the specific needs and ...

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  • What We Do.
    What We Do.

    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 ...

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

    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 ...

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  • Deducting Business Start-Up Expenses for Federal Taxes
    Deducting Business Start-Up Expenses for Federal Taxes

    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 ...

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  • Buying or Selling a Business - Asset Deal v. Stock Deal
    Buying or Selling a Business - Asset Deal v. Stock Deal

    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 ...

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  • Forgiveness of Debt as Taxable Income and the Insolvency Exception
    Forgiveness of Debt as Taxable Income and the Insolvency Exception

    A concept under federal tax laws that seems to baffle a lot of people is Cancellation of Debt income (“COD Income”). Under IRC §61(a)(12), when you have debt cancelled by a creditor there is resulting ...

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