Articles
3 Critical Legal Tips When Buying a Business
Every buyer of a small business should consider the following three key legal issues when acquiring a business. 1. Buy Assets and Not Liabilities. Most small business purchases are done as what are called “Asset Purchases”. In an Asset Purchase the buyer of the...
New IRS 1099 Rule for PayPal and Venmo Targets Very Small Businesses and Will Cause Misreporting and Errors
The IRS recently announced that payment apps such as PayPal, Venmo and CashApp will be required to issue 1099s to small businesses and self-employed persons. The problem is these taxpayers don’t have accounting departments and professionals to rely on.
Buying Crypto with an IRA
Did you know your IRA can own bitcoin and other cryptocurrencies? Whether tax-deferred or tax-free, a Crypto IRA offers powerful advantages for long-term investors. Learn how IRAs are being used to buy and sell crypto—and what that means for your taxes.
IRA/LLC Owner Faces Distribution After Storing Precious Metals at Home
A recent Tax Court case, McNulty v. Commissioner, held that a self-directed IRA owners “…[personal] receipt of the AE [American Eagle] coins constituted taxable distributions equal to their purchase price.” In this case, Donna McNulty established a...
Non-Wealthy IRA Savers Who Invested IRAs Into Small Business, Startups and Real Estate LLCs Targeted in ‘Build Back Better’ Plan
From my article on Entrepreneur The proposed $3.5 trillion budget-reconciliation package still working its way through Congress contains two provisions that will restrict IRA investments into startups, small businesses, and real estate LLCs. These provisions came as a...
Everyday IRA Savers Who Self-Direct Will Lose Big Under House Tax Bill
There are over one million IRA accounts that invest into real estate, small businesses, start-ups, LLCs, crowdfunding offerings, and private companies. Contrary to news headlines, these savers are not the ultra-wealthy and 98% of them have accounts less than...
Raising Capital in a Partnership LLC or Joint Venture
We’ve all heard the buzz words of crowdfunding, PPMs, and IPOs, but there are less complicated ways to raise money and start a business and one of the most reliable and most used methods is that of partnership LLCs or joint ventures. If you ‘re raising money from...
PPP Loan Forgiveness Period Beginning to Close; Payments May Be Due
From my article on Entrepreneur Small-business owners who obtained a Paycheck Protection Program (PPP) loan in 2020 need to pay close attention to their forgiveness period, as the window of time to avoid payments of principal and interest is closing. For example, if...
Contribution Deadline for IRAs and More Changed to May 17th
What is the last day to contribute to an IRA for 2020? Taxpayers now have until May 17, 2021, to contribute to their Individual Retirement Accounts (IRAs), Health Savings Accounts (HSAs), and Coverdell Education Savings Accounts (ESAs), according to a statement by the...
Tax Rules for Buying and Selling Bitcoin and Other Crypto
From my article on Entrepreneur When you buy Bitcoin and sell it for a profit you are subject to capital-gains taxes. This is the case whether you buy Bitcoin and sell it for dollars or whether you exchange it for other cryptocurrency for a profit. This is also the...
