An unfortunate discovery for many passionate advocates is that many other advocates do not share the same passion for their clients. This is true in the tax industry. It in an uncomfortable truth that many tax professionals like that the overly complicated US tax code. It compels people to have to hire them. But not all advocates are like this. We found a kindred-spirit in Canada. John Richardson, both a brilliant tax attorney and a thoughtful advocate who too wants to see the law reformed to more just system of taxation. In this episode of the IRSMedic podcast, we finally got the chance to speak to Attorney Richardson.
The 2017 Tax Cuts and Jobs Act (otherwise knowns as the 2017 tax reform) includes a fantastic tax benefit for many entrepreneurs, self-employed individuals, and investors by allowing them to deduct 20% of their business income. The problem is that the rules are incredibly complicated. In this article, we will explain the basics of how it works and under which circumstances you may want to consult with a tax advisor so that you can best take advantage of this new tax break.
The Connecticut Department of Revenue Services (DRS) takes unpaid Sales & Use and income taxes very seriously. Many times, business owners and taxpayers who do not respond correctly are given an incredible short leash — they are actually charged criminally by an DRS Special Agent. This results in unneeded humiliation and added cost of trying to negotiate a way out in order to avoid a criminal conviction.
Tax reform bill did not impact the fantastic benefits of Captive Insurance. One of the first painful lessons an entrepreneur or business owner learns about this world is that litigation is expensive and it is exhaustive having your entire life subject to the whims of the court. Usually after the first law suit, a business person will immediately look into asset protection. And in that rush, sometimes less than optimal decisions are made.