I own an S-Corp. The S-Corp has a life insurance policy on me. I am in the process of selling all my stock to employees in a 10-year buy-out agreement with monthly payments. If they fail to make payments, I can step back in, null the agreement, and have all my stock back. Can the S-Corp continue to keep the insurance policy (there are two policies, a term policy and a Universal Life Policy) on me?

May 26th, 2024

In 2003, my mother-in-law bought a house and put my husband's and my brother-in-law's names on the title, rather than her own. In 2011, the house was sold, and my husband received 50% of the proceeds. We got a 1099-S from the settlement. My brother-in-law's accountant said he did not have to include the proceeds of the sale on his 1040, as this was not a main home, vacation home, or investment property. Does this sound correct?

March 10th, 2024

How long does the Board of Equalization have to collect taxes in California, and what are the implications if they levy property or bank accounts?

August 13th, 2023

I recently left my job and need to use my 401K to live on until I get a new one. I have two options for cashing out: 1) taking a cash payout or 2) taking my payout in company stock. I'm 40 years old and live in South Carolina. Which option would be best for tax purposes?

November 18th, 2023

My mom passed away in September 2011. She owned a condo in N Palm Beach Florida with a reverse mortgage. The condo is worth $93,000 and there is $193,000 borrowed against it, resulting in a $100,000 debt forgiveness. The condo will be taken over by the bank via deed in lieu of foreclosure. The $100,000 was held in a joint account that passed solely to me by survivorship. Is the $100,000 counted as taxable income, and are there tax ramifications for the estate due to the deed in lieu?

January 6th, 2024