Newsletter

Summer 2015 Issue

July 31, 2014
  • Owners of family businesses face unique challenges that nonfamily-business owners don’t have to worry about. These often arise from the dynamics of family relationships and the need to transfer these into the business environment. Family relations can sometimes get messy. When family members go to work together, it can be hard to flip a switch and pretend that problems at home don’t exist. Family...
  • By Cody Daniels, M&S Senior Tax Associate Did you know whether an individual has converted his or her personal property to one held for the production of income is a question of facts and circumstances? In the case of a residence converted from personal use to a rental property the Tax Court has established a five factor test. The five factors to determine the taxpayer’s intent are: The...
  • Does your company operate in multiple states? If so, there’s a good chance that you owe some state and local taxes (SALT) outside your home state. But many small businesses are unaware of their SALT liabilities. While it’s sometimes difficult to determine whether sufficient business activity has taken place in another state to trigger SALT liability, this usually isn’t a valid excuse for...
  • The 3.8% Tax Can Take A Bite Out Of Some Home Sale Profits Summer generally is an optimal time to sell your home. If you’re putting up a “For sale” sign on your lawn this year, make sure you understand the 3.8% net investment income tax (NIIT) that applies to profits on some home sales. NIIT Doesn’t Apply To Everyone For NIIT purposes, net investment income includes interest, dividends, annuities...
  • Responsible financial planning should include asking some “what if” questions. For example, what would happen if you or someone in your family were involved in an accident for which you were held legally liable? A $1 million or higher legal judgment could lead to financial ruin for many families — and affluent families with a large net worth are at particular risk. In today’s litigious society,...