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Nexus and the State's Jurisdictional Right to Tax
An issue for any corporation or other business entity operating in more than one state is determining the states in which it must file returns and pay income and or sales tax. It may also be subject to tax in other states in which its property, employees or other agents are physically present on a regular and systematic basis. A state has jurisdiction to tax a corporation or other business organized in another state only if the out-of-state corporations’ contacts with the state are sufficient to create nexus. Nexus is defined as some link between the state and the corporation it seeks to tax. Different taxes may have differing threshold standards for establishing physical or economic nexus. Those standards are the outgrowth of judicial decisions that are accepted or modified because of legislative activity. Continue reading
AKM 2009-2010 Tax Planning Guide [AKM Forbes Featured Institution]
You can’t do much about economic ups and downs, but you can take steps to minimize your tax burden, no matter which way the market moves. The key is to continually adjust your tax plan in light of economic swings and changes in tax laws or your personal situation. Continue reading
Estate Tax Repeal – Practical Implications
Under legislation passed in 2001, the federal estate tax was repealed for one year, effective January 1, 2010 and ending December 31, 2010. It is widely expected that Congress will reinstate the estate tax for tax year 2010, perhaps even retroactively. Needless to say, this may present problems for the heirs of people dying during 2010. Continue reading
Keeping Your Balance: A Systematic Approach to Monitoring Your Investments
When it comes to monitoring portfolio performance, most people belong to one of two schools. The first takes the old maxim “buy and hold” to an extreme. People who belong to this school tend to do nothing at all about their portfolios, trusting that market forces will eventually work in their favor. The second is sort of like an ER nurse, constantly scrutinizing vital signs and rushing to “fix” the latest crisis. People who belong to this school are likely to buy and sell frequently, with no clear sense of the bigger, longer-term picture. Continue reading
AKM 2008-2009 Tax Planning Guide
As a successful individual, you know that building your net worth takes more than simply increasing your income. It requires minimizing your taxes, so you get to keep more of what you earn. But as tax law becomes more complex, tax planning becomes more difficult. You
need to think farther ahead, employ more sophisticated strategies and take advantage of every tax break you can. Continue reading
Posted in News, Tax Guides
Little Known Tax Strategies
As you get ready to file your 2008 tax return, take a quick look at the list that follows. It’s a summary of little-known tax strategies that may save you money when you file your tax return. It pays to take a look. You may wind up owing Uncle Sam less than you thought, or get a bigger refund than you expected, even if only one of these strategies applies to you. Continue reading
When Is It Time to Lay an Estate to Rest?
Deciding when to close out an estate can be tricky, particularly when the business of an estate and its beneficiaries are tied closely together. Depending on your perspective, federal regulations make it either more or less tricky. Specific regulations govern when an estate ceases to exist for tax purposes. Attorneys and accountants need to be aware of the rules – and make sure that administrators abide by them; failing to do otherwise can have significant impact on how beneficiaries are taxed. Continue reading
Tax Saving Moves for the Rest of 2008
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill this year, and possibly the next. Factors that compound the challenge include the stock market’s swoon, the difficult economic climate we’re in right now, and the strong possibility that there will be tax changes in the works next year.
In fact, there might even be another economic stimulus package carrying tax changes
enacted before the end of this year. Continue reading
September 2008 Client Information Bulletin
In this bulletin – 1) Danger Ahead: Five Signals for Business Owners, 2) Two New Tax Laws Target Special Groups, 3) What To Do When an Employee Resigns, 4) No Tax Strings To Customer Rebates, 5) Five Ways To Deduct Daily Business Travel, 6) Facts and Figures Continue reading
June 2008 Client Information Bulletin
In this bulletin – 1) Six ways to build up college savings, 2) Step Up to higher section 179 deductions, 3) Wash sale rule extended to IRA’s, 4) Funding the cure for computer viruses, 5) How to start a Non Profit organization, 6) Facts and Figures Continue reading