Key Documents Your Adult Child Should Have – By John R. Bullis

Kim Pilant John's Articles

You probably realize that when your child becomes 18 years old, your child is a legal adult in Nevada. A recent article in the Wall Street Journal pointed out it is wise for the 18 year old to have some basic legal documents. The Power of Attorney for Health Care, the HIPAA authorization and probably also the Power of Attorney …

Plan Now for Your Business Seccession – By John R. Bullis

Kim Pilant John's Articles

It is not easy to take the time now to plan for the sale, gift or transfer of your business. Just running the business is hard enough and time consuming. However, meeting with a team (attorney, CPA and valuation expert) now can help position your business for the future. Frequently the meeting with your team will suggest some actions to …

Thoughts on the New Tax Law – By John R. Bullis

Kim Pilant John's Articles

I was pleasantly surprised to see Congress pass the 2017 Tax Cuts and Jobs Act, before the year was over. Now, we all need time to understand the 503 pages of the New Tax Law. It is hoped it will improve the tax treatment of businesses in the United States. Many more businesses (those with less than $25 million of …

No More Employee Business Expenses – By John R. Bullis

Kim Pilant John's Articles

As of Jan. 1, 2018, the new tax law, Tax Cuts and Jobs Act, takes away the deduction for employee business expenses that were claimed as miscellaneous itemized deductions on Schedule A of form 1040. Some folks paid and claimed a deduction for business travel and other business expenses they incurred as an employee that were not reimbursed by their …

To Be or Not To Be In Business in 2018 – By Kelly J. Bullis

Kim Pilant Kelly's Articles

Once in a long while, there is one of those perfect convergences of all the right ingredients for an explosive business opportunity environment. We’re in one now! Interest Rates are still low; Real Estate is still quite affordable; People are moving into Western Nevada at a faster and faster rate; The Tahoe Reno Industrial Center is booming; We finally have …

Antiques Used In Your Business – By John R. Bullis

Kim Pilant John's Articles

Suppose as a business owner, you decided you need a better desk. You know the entire cost of the desk can be a business expense with the cost all claimed in the year of purchase and when it was placed in service. Section 179 election to expense the full cost allows that immediate, full deduction, even if you pay for …

Pay Itemized Deductions in 2017 – By John R. Bullis

Kim Pilant John's Articles

Since we don’t know what the new tax law for 2018 and later will be, it is difficult to decide what to do before 12-31-17. The proposal indicates the Standard Deduction will be increased and the use of Itemized Deductions on Schedule A of form 1040 will be reduced. Maybe the best answer for most folks is to pay itemized …

Unauthorized Disclosure of Tax Return – By John R. Bullis

Kim Pilant John's Articles

Joseph and Anna May got divorced in 2012. The attorney for Anna in the divorce proceedings was Melanie Moffat. In 2015 Joseph May sued attorney Moffat claiming Moffat published part of his 2014 tax return when it was identified as a document in the divorce proceedings. Internal Revenue Code Section 7431 allows individuals to sue for civil damages if the …