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A relatively new Alabama law prevents the involuntary loss of real property inherited with other family members.  In order for the law to apply at least 20% of the owners must be relatives or must have acquired the land through a relative. Typically, if...

YOU DO NOT MAKE GIFTS TO A SPECIAL NEEDS FAMILY MEMBER OR FRIEND AND THIS IS WHY: Parents, grandparents, siblings, aunts, uncles and friends often want to help provide for a special needs family member or friend and often revise their Wills to provide...

On January 1, 2015, the new Alabama Limited Liability Company Act of 2014 (the “2014 Act”) will go into effect. Some of the more important changes we can expect to see from the 2014 Act are as follows: Oral Operating Agreements. What has been known as...

What Is It? STAR ID is a program approved by Congress geared to help fight terrorism and reduce fraud throughout the country by improving the security of state-issued driver licenses and identification cards through their authentication and issuance...

The Good. Up until last year the home office deduction was derived by applying a time consuming formula. It required the home owner/business owner to make calculations as to the percentage of the home that the office takes up and then allocate the cost of...

The answer is: when the taxpayer is represented by counsel. Well perhaps there is a little more to the answer than that, but it is a good starting point. The Eighth Circuit Court of Appeals recently reversed a U. S. Tax Court decision in which the taxpayer...

In the State of the Union Address, President Obama announced plans to create a new “myRA” retirement account to help low and middle income taxpayers, with household incomes below $191,000, who do not have access to employer-sponsored retirement plans, to...

Many high net worth families commonly use Credit Shelter Trusts or B Trusts to commit a certain amount of assets, designated by a formula or otherwise, to be placed in a Trust so that the assets are not included in the taxable estate of the surviving...

Believe it or not, there is a tax credit for small (really small) businesses that pay for employee health insurance premiums. It can be claimed for years 2010 forward and for 2014 and 2015. This credit was enacted as part of the Affordable Care Act tax...