by Bruce E. Bell | Dec 4, 2024 | Tax Corner, Bruce E. Bell
Question: Â Â Â Â Â Â I will be soon be entering into a settlement agreement with my former employer for wages that were wrongfully withheld from me. Can I deduct the legal fees I have spent on this case? Answer: Â Â Â Â Â Â Â Â Â The answer depends on the nature of the claim. If...
by Bruce E. Bell | Oct 2, 2024 | Tax Corner, Bruce E. Bell
Question:       My company maintains a buy sell agreement funded by insurance. What must I do in light of the recent U.S. Supreme Court decision? Answer:          You will need to review your company’s buy sell agreement. There likely are alternative structures you...
by Bruce E. Bell | Aug 7, 2024 | Tax Corner, Bruce E. Bell
Question:Â My accountant failed to timely file my income tax return through the e-filing system and I was assessed late filing and late payment penalties by the IRS. Can I get these penalties abated? Â Â Answer:Â Absent other compelling circumstances, you cannot get...
by Bruce E. Bell | Jun 4, 2024 | Tax Corner, Bruce E. Bell
Question:  I have attained age 59 ½ and have the opportunity to withdraw funds from my company 401(k) plan and contribute them to my IRA. Should I do so? Answer: Employees who have attained age 59 ½ often have the option under their company sponsored 401(k) or other...
by Bruce E. Bell | Apr 2, 2024 | Tax Corner, Bruce E. Bell
Question: I am contemplating giving to my daughter stock which has decreased in value below my purchase price. Is my daughter entitled to a tax loss if she sells the property? Answer:Â The unrealized loss existing at the time of the gift cannot be deducted by your...
