IRS Issues Final ‘Expense vs. Capitalization’ Regs
The Internal Revenue Service has issued final regulations (T.D.9636) on deduction and capitalization of expenditures related to tangible property. The final regulations include rules for determining whether costs related to tangible property are deductible repairs or capital improvements. Changes made: The final regulations adopt the temporary regulations issued in 2011 (T.D. 9564), with a number of changes. One such change is in response to comments that the $100 threshold for property that is exempt from capitalization was too low. The final rules raise it to $200 and retain the rule that the amount can be increased in IRS guidance. Another…
California Mediation and the Appointment of a 730 Expert
Mediation is one of the best ways to handle family law disputes. Rather than getting involved in a never-ending court battle, you can save time, money and help preserve family relationships. Forensic accountants can be a crucial part of this process as finances are often one of the most disputed areas in family law matters. In California, judges have the power to appoint a mutual financial expert to determine income available for support, business valuations, and tracing of community and separate property under California Evidence Code Section 730. We regularly serve as 730 experts and have found it to be…
Starting a Business in the US
By: Neil Klein Question: I want to start a business – what initial issues need to be considered? First, decide exactly what type of business you want to have and then write an outline or business plan. Second, decide if you want others to join you in your endeavor and, if so, in what capacity (e.g. partner, shareholder, investor or employee). Then map out a “corporate flow chart” as to who will do what at the new company, and designate key positions. Once you have the basics covered, decide where (in other words, what state in the U.S.) the company…
John Cryer’s Child Support Issue
John Cryer’s ex-wife wants more child support monthly and people everywhere are cringing at the new debacle. Going back to May of this year, Jon Cryer (of Two And A Half Men) received a nice pay raise for his work on the show. The Huffington Post reported at the time that he was to make about $620,000 per episode. Forbes reported last year that Cryer was well within the list of top 10 most highly paid actors- combine that with this year’s salary bump, and what have you got? An ex-wife that wants more child support! She is requesting $88,000…
Kim & Kanye Learning From Past Mistakes – Prenup Time!
Just three days ago Kim Kardashian and baby daddy Kanye got engaged. I’ll admit, the Kardashians move so fast, it’s hard to keep up, but perhaps that’s because they’re constantly multiplying…and there’s only one of me. Anyway, in my opinion, momma Kris should be quite busy for the next few months- not planning the wedding- but doing more behind the scenes work- such as drafting up that handy-dandy prenup she so innocently avoided in her own marriage. (Probably the only “innocent” thing she’s ever done.) Good thing the Kardashians seem to have a proven ability to learn from past financial…
Kardashian Divorce, $125 Million, No Pre-Nuptial Agreement?
Whether you love ‘em or hate ‘em, the Kardashian/Jenner duo will no longer be. What’s interesting to me is the fact that there is no pre-nuptial or post-nuptial agreement in place. It appears that the empire is worth about $125 million. At the time Kris and Bruce married, Bruce was the more wealthy of the pair and Kris was a newly single mom. Obviously, she was aware of marital agreements, as she has enforced prior prenups with daughters Kim and Khloe. At the current time, it appears the Kris will most likely have to give a VERY LARGE, legally owed…