Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations. Why it matters When your business
Ellenbogen
May 7, 2019
Employee vs. independent contractor: How should you handle worker classification?
- By Ellenbogen
- Business, Employees, Taxes
- 0 Comments
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May 2, 2019
Life insurance can be a powerful estate planning tool for nontaxable estates
- By Ellenbogen
- Estate
- 0 Comments
Today, estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates, life insurance continues to offer estate planning benefits. For example, you can use life insurance to replace wealth that’s lost to long term care (LTC) expenses. Although LTC insurance is available, it can be expensive. For
May 1, 2019
Dissecting the role of the forensic accountant in litigation
- By Ellenbogen
- Fraud
- 0 Comments
When people hear the term “forensic science,” they usually think “CSI.” What comes to mind when you hear the term “forensic accounting”? Similar to forensic scientists offering opinions about scientific matters, forensic accountants may be called on to investigate and serve as financial experts in commercial litigation. Here’s how. Who they are Forensic accountants specialize
Apr 30, 2019
Understanding how taxes factor into an M&A transaction
- By Ellenbogen
- Business, Taxes
- 0 Comments
If your company is merging with or acquiring another business, it’s important to understand how the transaction will be taxed. For tax purposes, a transaction can basically be structured in two ways: stock (or ownership interest) or assets. For tax and nontax reasons, buyers usually prefer to purchase assets, while sellers generally prefer stock sales.
Apr 25, 2019
Casualty loss deductions: You can claim one only for a federally declared disaster
- By Ellenbogen
- Taxes
- 0 Comments
The rules for writing off personal casualty losses on a tax return have changed for 2018 to 2025. Specifically, taxpayers generally can’t deduct losses unless the casualty event qualifies as a federally declared disaster. (The rules for business or income-producing property are different.) Another factor that now makes it harder to claim a casualty loss
Apr 24, 2019
Apr 23, 2019
Add spendthrift language to a trust to safeguard assets
- By Ellenbogen
- Estate, Trusts
- 0 Comments
Despite its name, the purpose of a spendthrift trust isn’t just to protect profligate heirs from themselves. Even the most financially responsible heirs can be exposed to frivolous lawsuits or unscrupulous creditors. A properly designed spendthrift trust can safeguard assets against such attacks. A variety of trusts can include this protection. It’s just a matter
Apr 18, 2019
Why executives pose the greatest occupational fraud risk
- By Ellenbogen
- Business, Fraud
- 0 Comments
Business owners and executives commit only 19% of all occupational fraud, but they cause a median loss of $850,000, vs. $100,000 for regular employees. So spotting red flags is critical. Crooked executives may be reluctant to cooperate with internal investigations, outside auditors and regulators, and may become agitated or annoyed when probed about financial discrepancies.
Apr 17, 2019
Deducting business meal expenses under today’s tax rules
- By Ellenbogen
- Business, Deductions, Taxes
- 0 Comments
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more
Apr 16, 2019
