Burns Firm

A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government. [...]

When a professional corporation sells its assets or liquidates, one important tax issue is whether the corporation or the shareholder-employees own any appreciated professional goodwill (with a fair market value [...]

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred [...]

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions [...]

Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage [...]

Information from IRS.gov Two college tax credits apply to students enrolled in an eligible college, university or vocational school. Eligible students include the taxpayer, their spouse and dependents. American Opportunity [...]

It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge. The information that may be requested [...]

A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big [...]

School is back in session. So, it's time for a refresher on tax breaks for work-related education expenditures. Here's what individual taxpayers need to know. American Opportunity Credit The American [...]

Information from IRS.gov If you own your home, you may qualify to exclude from their income all or part of any gain from the sale of their main home. To [...]

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may [...]

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation [...]

It can be a hard choice to make, but successful companies often have to make strategic decisions to "fix it or exit." In other words, every element of a business [...]