Blog2022-08-08T15:34:58-06:00

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When Inheriting Money, Be Aware of “Income in Respect of a Decedent” Issues

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic Rules For

March 23rd, 2022|

The Four Types of Audit Opinions

The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates whether the financial statements are fairly presented in all material respects, compliant with Generally Accepted Accounting Principles (GAAP) and free

March 23rd, 2022|

Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed as Dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible

March 15th, 2022|
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