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L&H Insights

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Business Owners (3)

Business Theft

2 min read

Claiming theft loss deduction if business is victim of embezzlement

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but...

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Small Businesses

2 min read

Tax breaks to consider during National Small Business Week

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are...

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Divorce may have tax implications for business owners.

2 min read

Getting a divorce? Be aware of tax implications if you own a business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest...

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Does your employer provide life insurance?

2 min read

Does your employer provide life insurance? See the tax consequences

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage...

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2 min read

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

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2 min read

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be...

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2 min read

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt...

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2 min read

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe...

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family bank

1 min read

A family bank professionalizes intrafamily lending

Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If...

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shareholders

1 min read

Deductibility of corporate expenses covered by officers/shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being...

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tax audit

2 min read

IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But...

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planning for your grandchildren

1 min read

Does your estate plan address your grandchildren in a fair manner?

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair.” It...

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child tax credit

1 min read

Many parents will receive advance tax credit payments starting July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC)...

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