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The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The 3-year rule At minimum, keep tax records for as long as the IRS has the...

The question of reasonable compensation is frequently debated in shareholder disputes, divorces and IRS audits. Owners’ compensation is a discretionary expense that controlling owners can alter. It can vary significantly from company to company depending on many factors,...

Robert Liebman was 49 years old when he was fired from his sales executive position in 2013. After his termination Liebman sued his employer, Metropolitan Life, on the basis of two laws: ERISA, the federal law which governs employee benefits and the Age Discrimination in...

In recent months, there have been several significant tax developments that affect partnerships. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity, we’ll use the terms...

From mobile apps to the Internet, technology has transformed our lives. It facilitates financial transactions and the transmission of information. But it also brings risks. There are weekly news stories about sensitive personal data being hacked online and sold on the black...

Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to delay filing...

The economic impact of a settlement or damages award depends on whether it’s taxable to the plaintiff and deductible by the defendant. A tax-free $1 million judgment, for example, is substantially more valuable to a plaintiff than one that comes with a $400,000 tax bill. And from...

If your company’s sales results were a dance floor, how would it look? Are the numbers jumping off the page, dazzling you with their lively performances? Or are they slow, sluggish — perhaps even disappearing entirely? To keep the party moving, every business needs to regularly...

Last September, President Obama issued an executive order requiring federal contractors to allow employees at least seven days of paid sick leave. Proposed regulations issued in late February 2016 (subject to public comment until March 28) added flesh to the bones of the...

Do you remember your first summer job? It doesn’t matter if you were a babysitter, caddy, telemarketer or lifeguard. Your first job taught valuable lessons about responsibility and balancing work with family and friends. It also helped keep you out of trouble during the...