Definition of a Closely Held Business

Section 1202 Corporation Stock Sales

Some taxpayers are staring at a possible tax benefit without even knowing it! You may be entitled to a substantial tax benefit if you own stock in a corporation under Section 1202 of the Internal Revenue Code. In this episode, the Legal Tax Junkies explore corporate stock sales that offer a certain category of eligible taxpayers a generous exclusion of realized gain from recognized taxable gain.

Tax Scams.

How many times have you received a call from someone claiming that they are from the IRS and you owe money – Worse: If you don’t pay within two days, you are going to jail! Much worse: The person claims to be a member of law enforcement. Catastrophic: You are expecting a tax refund, and the IRS tells you it has already been sent– discovered to be someone else! In this episode, I discuss some of the more common tax scams and how to defend yourself against bad actors who attempt to steal your financial and other confidential information and, in some cases, your complete identity. In many cases, there is substantial financial loss and lost time.

Bookkeeping and Tax Controversy (Steve Barber).

Business Operations don’t just require the advice or services of a tax attorney or CPA. Keeping accurate and detailed records is essential. In this episode, I discuss bookkeeping dos and don’ts and the effect improper bookkeeping can have on a business owner’s tax liability with Steve Barber, owner of Supporting Strategies, a business bookkeeping service, who has over 30 years of experience in the bookkeeping industry.

Selecting the Business Entity to Maximize Your Tax Benefits (Michelle Burke CPA).


Once you have chosen your business entity, it is crucial to understand that such a choice's tax ramifications can snowball and affect your future tax liability. In this episode, I discuss business entity selection issues with Michelle Burke, an experienced CPA.

Michelle has over 30 years of experience providing clients with accounting and tax preparation services. In this episode, she shares helpful, reassuring, critical, and often surprising tips you need regarding business entity selection for start-ups and existing businesses looking to change types of entities or to be taxed as a particular type of entity.

Tax Exempt Entities

Think all you need to do is declare your company a non-profit to enjoy the tax benefits and privileges associated with tax-exempt entities? You may be surprised to learn that there are more issues and rules than may meet the eye. The Legal Tax Junkies will guide you through the process to keep you away from tax trouble!

10 Factors in Choosing a Business Entity.

If you're forming a business entity, congratulations! There’s more than just filing your one-page document with the government, setting up your website, and waiting for customers! The type of business entity should fit your particular set of business circumstances. Failure to understand the effects of a particular entity choice and can have adverse consequences for your business. In this episode, I discuss the Top 10 Factors in choosing a business entity.

The Secure Act

Retirement Accounts are one of the most important assets we own. Yet very few of us know the tax implications and the rules about distributions, beneficiaries, and timing issues. The Legal Tax Junkies hopes to give you a sense of clarity and alleviate the anxiety generated by this often-confusing subject, where the devil is in the details!

Tax Penalties/Tax Crimes Part II

The IRS Criminal Investigations Division and the Department of Justice have many weapons to deploy against those who commit tax crimes, including tax evasion and money laundering. Know what can happen if you commit various tax crimes. Better yet – read the stories of various celebrities who thought the tax code did not apply to them!

Tax Penalties/Tax Crimes Part I

The IRS has many weapons at its disposal in determining whether it can assess penalties against a taxpayer. The penalty amounts can be overwhelmingly high and serve as a deterrent to taxpayers who think they do not have to file returns or cannot pay taxes or those who take unreasonable positions regarding their tax liability.

Section 911 Issues

Do you want to move to the French Riviera, hang out, and do business from your laptop? Be aware of the tax issues of traveling worldwide – at least away from the USA! The Legal Tax Junkies will guide you through the tax minefields of U.S. citizens living overseas – it's more complicated than you think!