Can I deduct my meals as a business expense?  Can I deduct this flight as a business expense?  Can I deduct the cost of my clothes or uniform as a business expense? As a tax attorney, these are common questions I am asked, and rightfully so as everyone wants to take advantage of all potential...Read More

Many corporate shareholders may have taken a loan from their corporation.  In a prior article, we discussed issues related to corporate loans and issues considered regarding the reclassification of a loan.  The article below discusses issues and actions a shareholder may consider taking to prevent the reclassification of a loan.  Please remember that this article...Read More

In any corporate acquisition, there are tax and non-tax issues, multiple business considerations, and the goals of the parties involved with the transaction.  The tax planning that is involved before, during, and after the acquisition process may include many options and alternatives to achieve the tax and non-tax wishes and goals of the parties.  Thus,...Read More

Successful businesses will have successful, driven, and strong employees.  Often businesses are faced with questions and issues regarding maintaining employees, hiring the right employees, and incentivizing employees.  Incentive compensation arrangements are often used by large and small businesses as a means by which to reward employees, as well as a benefit to individuals the business...Read More

There are multiple options to implement the acquisition of a business.  The purchaser or acquirer could purchase the stock of the target corporation, or the assets of the target corporation.  If the stock of the target corporation is to be purchased there are multiple options and variations by which the stock can be acquired.  The...Read More

Under the context of controlled foreign corporations, a U.S. shareholder is defined as a U.S. Person who owns or is considered as owning 10% or more of the total combined voting power of all classes of stock entitled to vote of a foreign corporation.  Does this language mean that constructive ownership is considered when determining...Read More

FinCEN is the Financial Crimes Enforcement Network.  The goal and objective of FinCEN is to monitor financial institutions through regulations that require certain record keeping, record maintenance and reporting.  Because many crimes such as illegal drug trafficking, terrorism and others involve large sums of money and the use of financial institution, FinCEN and other law...Read More

What is the Bank Secrecy Act?  The Financial Recordkeeping and Reporting of Currency and Foreign Financial Transactions Act of 1970, is generally referred to the Bank Secrecy Act (BSA).  The act can be found at 31 U.S.C. 5311.  The purpose of the act is relatively simple, that being to require financial institutions in the United...Read More

FinCEN (Financial Crimes Enforcement Network) has recently been investigating and examining businesses involved with virtual currencies such as Bitcoin.  In fact, on May 5, 2015, FinCEN announced the first civil enforcement action stemming from a virtual currency provider.  FinCEN and the United States Attorney General Office for the Northern District of California assessed a $700,000...Read More

What is collateral?  Typically, collateral would be property pledged as security for a loan or note.  For example, if a bank loaned me $25,000 I may use a car or house as collateral to secure the loan.  The video below discusses collateral. You can contact The McGuire Law Firm to speak with a tax attorney...Read More