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Showing posts from December, 2013

New Jersey Division of Taxation Closes Restaurant - leaving employees and customers stuck

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NJ Division of Taxation seizes Melange Cafe
Holidays in Haddonfield are Dreary without Melange @ Haddonfield
As the holidays approach us, we renew our quest for a delicious meal that awakens the palate served in a relaxing atmosphere far removed from the hustle and bustle of garish chain restaurants serving mediocre food slapped on a plate. As the town of Haddonfield, NJ brings to life its Christmas shopping season filled with candlelit streets, we are left without its shining star, Melange @ Haddonfield café. Why? Because Chef Joe Brown did not have an attorney that understood his need to be a chef – and his struggles as a restaurateur. After owning Melange Café in Cherry Hill, NJ and achieving much success, Chef Joe Brown opened his Melange @ Haddonfield in 2008, eventually focusing full time on the Haddonfield location and closing the Cherry Hill location.
With those moves and multiple issues that could have arisen (and obviously did arise), Melange received a Division of Taxation J…

NFL Superstar Freddie Mitchell duped into Tax Fraud

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Freddie Mitchell Dropped The Ball and the IRS Catches him
My daughter is an avid, ahem rabid, Eagles fan. At 5 ft, barely 2 inches, she can go head to head with the big guys and knows football inside and out. Me? I hate football. I don’t get why people love such violence. Its nasty and I don’t want my son playing it. But, as December 6th approaches and Freddie Mitchell, former WR for the Philadelphia Eagles, a simply presented tax fraud case is anything but simple.
After taking a plea deal and receiving 37 months in prison for playing a role in a tax fraud scam, Freddie Mitchell presented medical documentation stating he has CTE, chronic traumatic encephalopathy, a possible result of his 8 documented concussions. CTE can have symptoms of memory loss, motor skills impairment, depression, aggressive behavior and confusion.  As it is in the research stages, not everyone agrees that CTE can be properly diagnosed unless postmortem. Mitchell clearly states that he did not want a plea deal …

Do it now: Small Business Tax Planning 2013 Expirations (and large businesses too!)

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Expiring in 2013

The tax credit for Research and Development (R&D) is set to expire in 2013. Even if you are not a tech company, this credit could apply to your business. New processes and developments could count toward this credit. Check with a qualified tax attorney. This credit has been extended before, but why hope and wait to see if it will be extended again?

Drastic Changes in the Section 179 Deduction

Waiting until the new year to buy a new truck for your business? Don’t. Need new servers and computers? Waiting for the after Christmas sales? If you snooze, you lose. Your items must be purchased and used/installed before the end of 2013 to potentially qualify for the 2013 $500,000 deduction. This deduction will be reduced to $25,000 in 2014.

Depreciation

The First-year bonus depreciation for equipment is set to expire, so make sure you  have your attorney review your 2012 and 2013 purchases.