Summer day camp may net tax credit
Friday, July 6th, 2012
Considering sending your children to camp this summer? You may be able to offset the cost with a tax credit. Here are some tips, courtesy of the IRS: During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to […]
Read More »Preserve estate tax portability
Monday, October 24th, 2011
To preserve estate tax portability, executors must file Form 706 Estate Tax Return for decedents dying in 2011 and later. The nine month filing deadline may be extended an additional six months. This election is not available for decedents dying before 2011. In the law reinstating the estate tax in 2010, Congress established an exclusion […]
Read More »Tort reform in effect in TN
Wednesday, October 5th, 2011
Tennessee’s tort reform law went into effect on October 1, 2011. It places caps on non-economic damages and punitive damages except in certain egregious cases. Governor Haslam and legislative sponsors tout the increased predictability that the new law will bring to businesses aiming to quantify risk. They say it brings Tennessee on par with other […]
Read More »Next IRS target – generous relatives
Wednesday, March 30th, 2011
Generous relatives may be the next targets of IRS hunting expeditions. The IRS has asked a federal judge for a “John Doe” summons on the California Board of Equalization to force the board to turn over records of property transfers for little or no consideration. They are looking for people who have not paid gift […]
Read More »Better Property Settlement in Divorce
Friday, August 20th, 2010
We’ve heard it said that the second most contentious issue in a divorce (after the children) is the property settlement. One side may resort to unusual measures to reduce the property settlement, while the other side may be seeking revenge or punishment through the property settlement. The intense emotions complicate the process of determining an equitable settlement. […]
Read More »Steinbrenner's estate tax feat
Wednesday, July 14th, 2010
Yankees owner George Steinbrenner’s death this week is a sad occasion for his family and friends. But because it happened this year, it resulted in a huge tax savings for his heirs. As explained in this Wall Street Journal article, the 2001 Bush tax cuts left a quirky Federal estate tax repeal for this year only. […]
Read More »Payroll tax credit
Wednesday, July 7th, 2010
It is time to prepare your second quarter payroll tax returns, due August 2, 2010 (July 31 falls on Saturday). If your company or tax-exempt organization has hired employees this year, you may be eligible for the HIRE Act new hire tax credit. You should check before filing Form 941. We previously posted about this and other tax credits in the […]
Read More »Death, But No Taxes
Tuesday, June 22nd, 2010
Even though the federal estate tax only affected about 5500 decedents in 2009 before it was repealed for one year, Congress’s inaction in reversing the repeal has cost the government big money, even by their standards. In this New York Times story, we learned that Houston’s richest man died last spring. Dan L. Duncan was […]
Read More »Best Place to Raise a Family
Thursday, June 10th, 2010
We’re proud to call Knoxville home. It’s not perfect, but it’s a pretty darn good place to live and do business. We’re pleased to be ranked in the top ten out of the largest 100 metropolitan areas by Forbes magazine. The authors looked at cost of living, prevalence of home ownership, median household income, housing […]
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