Double-Dip Claim Fails to Resonate With Appeals Court

February 23, 2018 | Court Rulings, Divorce Litigation, Valuations

In re Marriage of Kirkendoll 2016 Wash. App. LEXIS 2357 (Oct. 4, 2016) In a Washington state divorce case, the appeals court delved into “the notion of the impermissible ‘double dip’” and explained why the concept was not applicable to the facts of the case. The dispute centered on the couple’s only income-generating asset, a  Continue Reading »

New Law Revamps the Kiddie Tax

February 19, 2018 | Financial Planning, Tax Planning, Tax Preparation

Recently, Congress revamped the so-called “kiddie tax” under the Tax Cuts and Jobs Act (TCJA). Congress had enacted the tax rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. What changed? The kiddie tax rate structure was the only thing revised by the TCJA.  Continue Reading »

3 Affordable Care Act Taxes Postponed by Congress

February 16, 2018 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation

On January 22, a short-term government funding bill was signed into law by President Trump. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed to help fund health care coverage provided under the ACA. 1. Cadillac Tax For  Continue Reading »

6 Last-Chance Tax Breaks: Do You Qualify?

February 14, 2018 | IRS Regulation, Tax Planning, Tax Preparation

Some parts of the tax code that relate to personal tax returns have been significantly changed by the new Tax Cuts and Jobs Act (TCJA). In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As a result, millions of Americans  Continue Reading »

Large Employers: What Are the Deadlines for Forms 1094-C and 1095-C?

February 12, 2018 | IRS Regulation, Tax Planning, Tax Preparation

Question: Our company is an applicable large employer (ALE), and we sponsor a fully insured group health plan. We have to file Forms 1094-C and 1095-C for the 2017 calendar year. When are these forms due this year? Answer: Applicable large employers must: 1. Report to the IRS whether they offered their full-time employees and these employees’ dependents  Continue Reading »

Federal Circuit Discusses Rationale Behind Different Measures of Damages

February 9, 2018 | Court Rulings, Valuations

Danmark v. CMI USA, Inc., 2016 U.S. App. LEXIS 21672 (Dec. 6, 2016) In a reasonable royalty analysis, how much emphasis may an expert place on the patent holder’s profit margin before the analysis becomes a lost profits calculation in disguise? In answering this question, the Federal Circuit explained the different thinking behind the pursuit  Continue Reading »

Let’s Take a Closer Look at New Business Tax Reforms

February 5, 2018 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation

You may have heard about the Tax Cuts and Jobs Act (TCJA) provides businesses with lower income tax rates, but there’s more to it than that. Here’s an overview of some lesser-known, business-friendly changes under the new law, along with a few changes that could affect some businesses adversely. The Good News Starting in 2018,  Continue Reading »

Many Businesses Will Celebrate Tax Cuts in the New Tax Year

February 2, 2018 | Accounting Standards, Business Plans, Deductions, IRS Regulation, Tax Planning, Tax Preparation

Starting with the 2018 tax year, most businesses in Maine and the U.S. will receive a big tax cut, thanks to the new law that was enacted on December 22. However, some industries (such as banking, hospitality and retail) generally expect to reap more benefits than others (such as certain professional practices). The provisions in  Continue Reading »

Spotlight on Pass-Through Entities under the Tax Cuts and Jobs Act

January 31, 2018 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation

It’s true—the tax rules for pass-through entities, including S corporations, limited liability companies (LLCs), partnerships and sole proprietorships, have generally become more beneficial. However, they have also become more confusing under the new law. So deciding on which type of entity is best for your business will depend on several factors, which are explained in  Continue Reading »

To Franchise or Not to Franchise?

January 29, 2018 | Business Plans, Financial Planning

Many Mainers are considering going into business for themselves. One of the things that must be decided is whether or not a franchise would be the right choice for these new business owners. Basically, a franchise gives the business owner the licensed right to use a service mark, trademark, or business concept. The business owner  Continue Reading »