Brady Ware News

Work Out a Plan for Retirement Payouts

It takes a lot of years and hard work to arrive at retirement. Hopefully, you’ve been able to set aside enough funds in a company retirement plan to enable you to spend your golden years in relative comfort and security. Let’s say you have a 401(k) plan at work and you have deferred a portion…

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Can Your Research Credits Offset Your Payroll Tax Bill?

Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that can now be used to offset your federal payroll tax bill. This relatively new privilege allows research credits to benefit small businesses that may not generate enough taxable income to use the credits to…

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Australia Outlines Approach to Cross-Border Financing

In a long-awaited move, the Australian Taxation Office (ATO) released draft guidelines setting out its approach to cross-border related party financing arrangements. The guidance will apply to existing and new financing arrangements beginning July 1, 2017. The ATO views these arrangements as a major tax compliance risk. The release of the proposal followed a landmark…

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Are Contingent Attorneys’ Fees Tax Deductible?

If you agree to a contingent-fee arrangement with your attorney, you may wonder whether the expense is deductible for federal income tax purposes. Unfortunately, the guidance on this controversial issue isn’t favorable to taxpayers in most situations. The federal income tax treatment of contingent fees paid to an attorney out of a taxable non-business judgment or…

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Reclassifying Business Expenses: Dos and Don’ts

Reclassifying Business Expenses as Constructive Dividends To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that’s helpful and appropriate for your business. The IRS sometimes challenges deductions claimed for certain types of…

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