The Mini Private Foundation
BY MARY E VANDENACK The long standing recommendation for feasibility of forming a private foundation is that a donor be ready and willing to donate three to five million dollars to the foundation. Early in my career, I accepted that recommendation. The basis for the suggestion related to the complications of a private foundation as compared to alternate forms of making donations such as an...Read More
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Small Business Jobs Act of 2010
BY MARY E. VANDENACK Another year end, another tax act. I am providing a summary of a few of the provisions of the Small Business Jobs Act of 2010. Cell phone deductions. The legislation removes cell phones and similar telecommunication equipment (including PDA’s and Blackberry devises) from the “listed property” (items obtained for business but which lend themselves readily...Read More
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Treatment of Goodwill Upon the Sale of a Business
Asset of the Owner v. Asset of the Company When determining the proper tax treatment of proceeds from the sale of a service company, it must be determined what amount, if any, may be allocated as payments attributable to personal goodwill. A key case in this determination is a Washington federal district court case titled Howard v. Commissioner. In 1980, Larry E. Howard, D.D.S. incorporated...Read More
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Sales and Use Taxation of Computer Software and Related Services
States have become aggressive in recent years in taxing sales and services related to computer software. States have been particularly focused on taxing consulting and training services. The primary focus of this article will be the sales and use tax on such services as applied in Nebraska. Software Trainers Sales and use tax generally applies to the sale of goods and various services. One...Read More
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Tax Structure of a Professional Services Entity: C Corporation vs. S Corporation
For many professionals such as accountants, dentists, veterinarians, physicians and surgeons, the professional corporation entity offers significant benefits as an organizational structure. Generally, a professional corporation can be established by a group of individuals in the same profession and can provide each professional with personal liability protection from the malpractice of his or...Read More
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Tax Structure of a Professional Services Entity: C Corporation v. S Corporation
Tax-Structure-of-a-Professional-Services Read More
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Non-Qualified Deferred Compensation: IRS Attacks Continue
The American Jobs Creation Act of 2004 added Section 409A to the Internal Revenue Code. Such section provides that amounts deferred under a nonqualified deferred compensation plan (“NQDC”) for all taxable years are currently included in gross income to the extent that they are not subject to a substantial risk of forfeiture and not previously included in gross income. Section 409A...Read More
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