What Is an FLP – Family Limited Partnership? A Family Limited Partnership (FLP) is a type of business organization in which family members pool their money to manage a company enterprise. According to the specific partnership operating agreement, each family member purchases units or shares of the firm. As a […]
Taxes
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What Is a Crummey Trust? A Crummey trust is an estate planning tool that takes advantage of the gift tax exclusion while limiting the recipient’s access to the funds. It allows you to give money or assets to another person while keeping the flexibility to place limits on when the […]
What Is Form 8857: Request for Innocent Spouse Relief? Form 8857 is an IRS Tax Form requesting innocent spouse tax relief. It is used by taxpayers to seek relief from a tax burden involving a spouse or ex-spouse. Couples who file a combined tax return are generally jointly liable for […]
Tax Fugitives – Eight Notorious Tax Evaders Tax evasion is the avoidance of paying taxes through illegitimate means. Typically, tax evasion techniques involve an individual or organization lying to the Internal Revenue Service about their income. Money laundering penalties may be levied against those who attempt to report their revenues […]
Selling Short Against the Box Short-selling securities owned by an investor without completing his long position is known as selling short against the box. Gains on equities are countered by losses, resulting in an investor’s neutral position. According to the IRS, selling short against the box is mostly done to […]
What Is a Tax Return? A tax return is a declaration to pertinent tax authorities calculating net income. The purpose is to determine if a further tax payment is necessary or if a refund can be expected. A tax return is a formal statement, often submitted under penalty of perjury […]