Legal October 22, 2012

Reducing Your Estate Tax

Since the primary purpose of an ILIT is estate tax reduction, consider if and to what extent you will be exposed to the estate tax. The use of an ILIT offers two benefits: First, life insurance owned by an ILIT will remove the value of the insurance proceeds from the insured’s taxable estate; and second, […]


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Taxes April 6, 2012

Can’t Pay Your Taxes On Time?

Here are five tips: File your return on time and pay as much as you can with the return. These steps will eliminate the late filing penalty, reduce the late payment penalty and cut down on interest charges. For electronic and credit card options for paying see www.irs.gov. You may also mail a check payable to […]


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Taxes January 12, 2009

Financial statements and Fundability

In business, some of the “statistics” that can tell such damning lies are the numbers found on company balance sheets and income statements. Too often, the reality is not accurately reflected in the numbers. Accounting is not intended to be a creative art, but in the hands of the right practitioner or aggressive entrepreneur, the […]


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Taxes December 19, 2006

When is a fee a fee, and a tax a tax?

Norrthwest’s attorney, Amy Silverstein, of Silverstein & Pomerantz, LLP in San Francisco, argued that the “fee” imposed by California was an attempt to replace lost revenue that the Legislature thought would occur with the passage of the California LLC Act in 1994.  Because the Legislature thought they would lose revenues due to the tax intricacies […]


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Taxes November 9, 2006

Employer-Paid Per Diem Expense Reimbursement Rules

The Internal Revenue Service today issued guidance emphasizing the need for employers to track the amount of expense reimbursement allowances paid to employees on a per diem basis. Revenue Ruling 2006-56 tells employers that if they routinely pay per diem allowances in excess of the federal per diem rates, but do not track the allowances […]


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