by Bruce E. Bell | Mar 3, 2020 | Bruce E. Bell, Insights, Tax Corner
Question:       I recently accepted a job with a startup company and was given shares of company stock at no cost to me in which I will vest over a period of years. Do I have to pay tax on the shares I receive? Answer:          As with most employee benefits which...
by Bruce E. Bell | Feb 4, 2020 | Bruce E. Bell, Insights, Tax Corner
Question:Â Â Â Â Â Â Â I own a stock portfolio which has appreciated significantly in value over the years. Can I transfer the portfolio to my aged mother and have her transfer it back to me upon her death so I can benefit from a step-up in basis when she dies? Answer:...
by Bruce E. Bell | Jan 13, 2020 | Bruce E. Bell, Insights, Tax Corner
Question:       I am planning to retire and give stock in my business to my children in the next few years. While I am not expecting any payments in return, I want to continue my salary following my retirement. Can the business continue to pay salary to me after I...
by Bruce E. Bell | Dec 2, 2019 | Bruce E. Bell, Tax Corner
Question: I have funds in a Roth IRA, a traditional IRA and my employer’s 401(k) plan. Is there a way to avoid selling retirement account assets at a loss as I near the age where I must commence retirement plan distributions? Answer: Generally speaking, taxpayers must...
by Bruce E. Bell | Nov 4, 2019 | Bruce E. Bell, Tax Corner
Question: I loaned a sizeable sum to my daughter to enable her to purchase a residence. While I expect to be repaid, there is no specific time for repayment and no interest will be paid on the loan. What are the tax consequences of this arrangement? Answer: Persons...
by Bruce E. Bell | Oct 10, 2019 | Bruce E. Bell, Tax Corner
Question:       I am a salaried employee and I also receive self-employment  income from a side business unrelated to my salaried employment. Am I entitled to a qualified business income tax deduction for my earnings? Answer:         Taxpayers meeting the statutory...
