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In 1982, Tom Peters and Robert Waterman published an acclaimed business book called "In Search of Excellence." They espoused a practice of "management by walking around" as a way to achieve excellence. They were on to something then, and the lesson still applies today.
If you're like most parents, you probably spend a great deal trying to meet the needs and wants of your growing children. If you run your own business, you have a unique opportunity to provide your children with a sense of responsibility and gain some tax advantages at the same time. The tax law allows you to hire your children as part-time employees of your business. If you give them age-appropriate responsibilities and pay them reasonable compensation for their time and effort, you can deduct their pay as a business expense.
Moving money by wire transfer eliminates some of the risk of forgery and fraud schemes of using paper checks. But if you don't have proper procedures in place, it can also be a way that unscrupulous people can move enormous amounts of money out of your accounts, possibly into non-U.S. accounts.
Cutting expenses may be necessary during an economic downturn. At some point, you may have to make tough choices to keep your business viable.
Here are two truths when it comes to fraud. Most are found by accident, and collusion and procurement fraud are common partners. This case illustrates how board disclosure statements helped a nonprofit discover that it was the victim of procurement fraud.
If you have retirement money accumulated in a traditional IRA, you may want to consider transferring some or all of those funds to a Roth IRA before the end of this year. This is a new opportunity. Prior to 2010, you were not permitted to convert funds from a traditional IRA to a Roth IRA if your adjusted gross income exceeded $100,000, not including any income caused by the conversion. But beginning this year, the income limit for a conversion is repealed. Anyone who has funds in a traditional IRA can convert those funds to a Roth IRA.
| Wealth Advice and Financial Planning |
A recent case before the Tax Court shows how important it is to know the tax implications when it comes to cashing in an insurance policy.
Unless it is overturned on appeal, a decision by the U.S. Tax Court could have repercussions that estate planners and tax advisers have not yet fully comprehended. At issue are some questions about the use of single-member limited liability companies as estate planning tools. The specific issue addressed by the court is whether the so-called check-the-box regulations cause an entity that is disregarded for federal income tax purposes to also be disregarded for federal estate and gift tax purposes.
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