What to do if you Cannot Pay Your Tax – Part 2

Yesterday, we covered some different payment options if you cannot pay your tax. We continue today with more options that you may qualify for. Undue hardship extensions. You may also qualify for an extension of time to pay if you … read more

Celebrity Tax Issues

What is it about fabulously wealthy celebrities and their tax scandals?  Is it that their advisers are reckless?  Or, are rich celebrities seeking out advisers who are aggressive and willing to play fast and loose with tax law and their client’s … read more

Tax Relief Act Provides Businesses with Enhanced Investment Incentives and More

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, passed by the Senate Dec. 15 and the House Dec. 16, may be best known for extending lower income and capital gains tax rates for individuals. But the … read more

Should You Make Taxable Gifts in 2010?

For individuals who have already used up their lifetime exemption (i.e. made a million dollars of gifts), they may want to consider making taxable gifts in 2010.    2010 presents unique planning opportunities.  Values of assets, particularly real estate and family … read more

Tax Considerations of Selling Your Business – C Corporation

A common question fielded by tax professionals is “what do I need to know about selling my business?”  While a thoughtful, thorough discourse on the tax aspects of selling a business is beyond the scope of a simple blog post, … read more

The Operating Agreement…A Road Map to Success

Angelina and Brad have a groundbreaking idea! It’s certain to deliver unbelievable riches. So Angelina and Brad decide to create a LLC and begin a business together… A couple of years pass and questions arise regarding how Angelina and Brad … read more

IRS Shifting Attention to Smaller Businesses

According to a study conducted by the Transactional Records Access Clearinghouse (TRAC), a research organization sponsored by Syracuse University, even in the face of a growing federal deficit, IRS audit efforts of the largest and richest corporations have declined.  Even … read more

What's the IRS' Perspective on 2010 Estate and Gift Tax?

I recently attended a breakfast during which Wesley Scott, with the Office of Chief, Estate and Gift Tax Program at the Internal Revenue Service spoke on this topic.  He began his presentation by noting that he could not comment on … read more

Step Up (or Down) in Basis

If someone sells an investment or other property, the gain or loss on the sale is determined by comparing the sales proceeds with the basis.  What is “Basis”?  The answer depends on how the seller acquired the property.  The original … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!

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