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Large Gifts From Foreign Citizens May Result in Unexpected Tax Consequences

Feb 16, 2022

The Procession of the Trojan Horse into Troy by Giovanni Tiepolo circa 1760. For most people, the receipt of a gift, particularly a large cash gift, is cause for celebration. But over the millennia gifts have spawned a lot of wise advice from various wary pundits. Beware of strangers bearing gifts was an admonition coined […]

Six Reasons to File your Income Tax Return

Dec 20, 2021

Almost 100 years ago Supreme Court Justice Oliver Wendell Holmes observed that “taxes are what we pay for civilized society[1].” For Justice Holmes paying taxes may have been a moral imperative, but beyond wanting to win a good citizenship award, are there any other good reasons for filing your income tax return each year? If […]

The Trust-Fund Recovery Penalty—An exception to limited liability.

Oct 14, 2020

Many business owners form a limited liability entity (an “LLE”) such as a corporation or limited liability company (as LLC), to protect their personal assets from exposure to business liabilities. While forming an LLE is a prudent business decision, it is important to realize that they do not protect against ALL business liabilities. There are […]

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