The straight line

There can be negative tax consequences when purported loan payments are recast as corporate distributions to shareholders. In some cases, the courts have ruled that withdrawals from two closely held corporations were constructive corporate distributions rather than loan proceeds and repayments. As such, the withdrawals triggered taxable dividends and capital gains for the shareholders. Corporate Distribution Basics...

IRS regulations specifically allow you to use the federal income tax home-sale gain exclusion privilege to shelter profit from selling vacant land adjacent to your house — even if the land sale occurs in one or more transactions that are completely separate from the sale of your house. Although this sounds too good to be true, it...

Being a good corporate citizen is an effective way to stand out in the eyes of your customers, employees and investors. But how do you prove your commitment to corporate responsibility to skeptical stakeholders? B Lab, a not-for-profit organization, awards its prestigious “B Corp” certification to businesses that meet its rigorous standards of social and environmental...

Gambling remains an ever-popular U.S. pastime. But it’s more than just fun and games — gambling can also have serious tax implications. Here are the most important issues involving the federal tax treatment of an amateur gambler’s winnings, losses and gambling-related expenses, along with information on a recent favorable development from the IRS. Report Winnings in...

If an employee accuses your company of discrimination and takes you to court, the ensuing battle could take years and cost thousands of dollars. When it’s all over, neither side may have much to show for it. That’s why it’s a good idea to ask employees to agree in advance to binding arbitration if such a...

Have you seen the Chevrolet commercial where the boss tells a group of employees to “take a knee, team?” One young man drops into a quarterback kneel and the boss asks, “What’s he doing?” With the rest of the group looking confused, the employee responds, “You said ‘take a knee.” The boss responds: “That’s what that means?”...