Filing Bankruptcy Petitions and Schedules

Jack Prot

Official forms as well as local forms are used to file for bankruptcy and include both the petition and schedules. All must be filed as completely and accurately as possible. The petition is used with all bankruptcy chapters and you are required to disclose previous bankruptcy filings, the certification of […]

Kiddie Tax Rules and Planning Strategies

Jack Prot

At one time, long, long ago, a common tax strategy was to shift investment income from a parent to their child (children) to take advantage of the child’s (children) lower tax bracket/rate. This planning strategy was eliminated with the introduction of the kiddie tax. Like every other stopgap measure, CPAs […]

Foreign Investment in Real Property Tax Act

Jack Prot

In 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA), 26 U.S.C.S. 1445. The law provides that if a seller of real property is a “foreign person,” the buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies under the […]

Turbo Strategy – A Book Summary

Jack Prot

Businesses are run mostly on auto-pilot and any problem areas are only dealt with when they are already critical, but by then it may already be too late. Most business managers are too busy with the day-to-day work to sit back and look at the business critically in terms of […]

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