A trust is a legally recognized arrangement in which property is held by one party (referred to as the trustee) for the benefit of a different party (referred to as the beneficiary). Trusts are frequently established in wills in order to ensure that property is adequately managed and controlled
Tax Loopholes to Keep in Mind this Season
Tax laws in the United States are complex and it's one of the many reasons there are as many tax loopholes that are. However, it's also why myriad taxpayers wind up paying more money than they need to and why it's advisable to enlist the services of an experienced financial advisor to maximize your
Proposed Limits on Tax Breaks for the Tech Industry
It's no secret that the tech industry gets some very large tax breaks, especially for startups and small businesses. However, some feel that the current 100% write off is too generous, and needs to be rolled back in order to fund other parts of the upcoming $3.5 trillion spending bill. As a way to
Murphy v Financial Development Co: A Lesson in Due Diligence
No one buys a home believing they'll default on the loan; it's always a possibility -- and indeed, anyone who's lived through the housing crisis in the last decade, knows it's a very real possibility -- but it's a nebulous considering it only happens when a confluence of factors occur: loss of job,
Brushaber v Union Pacific Railroad Co: Rise of the Federal Income Tax
For most of its history, the United States has recognized the difference between direct and indirect taxes, and this distinction informed the law prior to the creation of the 16th amendment. After the 16th amendment, congress was no longer bound to ensure that direct taxes follow the rule of
Does the IRS Forgive Taxes After 10 Years?
The Internal Revenue Service (IRS) is an agency that deals with tax collection, and administers the Internal Revenue Code enacted by congress. It is the responsibility of law-abiding citizens to pay taxes as authorized by the government. Below are the following things you need to know. Are Ten
Mercantile Trust Co v Commissioner & the Limited Importance of Contingencies
Nearly every legal concept presently in use in these United States has an established pedigree. Very few of our concepts are recent inventions. This observation holds true not just in one or two areas of law but for quite literally our entire legal edifice. Section 1031 is no exception to this
Expat Accounting During COVID
The current pandemic has caused a significant strain on business and daily activities worldwide. The firms have been closed, and various companies slowed down. For the companies to reduce the challenges posed by the pandemic, especially in the expat accounting sector, multiple measures have been