Professional Practices: Choosing The Best Entity For Tax And Asset Protection
Drs. Jose Smith and Ryan Abraham, fed up with the bureaucracy of their large group practice, left to start a new practice together. They consulted their tax attorney for advice as to the best entity for tax and asset protection. Here’s what the lawyer said. Without making this overly complicated, we will only consider a […]
Sudden Death Can Mean The End of Your Business
No one expected this. Dr. Thomas, age 55, died suddenly when he fell off his bike and hit his head on the pavement. Dr. Thomas was a well respected internist with several offices, four associates, and 25 employees. As the only shareholder, he was the only signatory on his corporate account. Dr. Thomas had met […]
TAX REFORM: DOES IT EVER END?
The short answer is no. Although everyone agrees that reform is needed, the devil is in the details. Or in other words, whose ox is getting gored? Economists have three criteria to evaluate tax policy: equity, efficiency and simplicity. Equity pertains to the fairness of the tax law. There are two types of equity: horizontal and […]
2017 Annual Report Notice Reminder
This Notice is for General Partners and/or Limited Partners of Limited Partnerships (Ltd.) and Limited Liability Limited Partnerships (LLLP), as well as Officers and/or Directors of Corporations (Inc. or P.A.) and Members and/or Managers of Limited Liability Companies (L.L.C.). This is a courtesy reminder that your 2017 Annual Report must be filed by you with the Florida Department of State by May […]
HALF THE TAX AND FULL ASSET
Here is how you can start a new business, pay 15 percent Income Tax on the profits, pay no tax on the sale of the business, and still protect your investment from creditors. Dr. Ramos always loved plants and dreamed of owning a small nursery. After meeting with his tax attorney, he heard about a […]
Phishing Remains on the IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season
The Internal Revenue Service warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2016 filing season. Criminals pose as a person or organization you trust and/or recognize. They may hack an email […]
DYING TOO YOUNG; LIVING TOO LONG
An old adage in financial planning is that an individual has two great risks in accumulating wealth: Dying too young prevents adequate time to create a large estate. Living too long could cause the money to run out. This article focuses on the second risk. Since many professionals have the bulk of their liquid assets […]