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Gambling Loss Deductions — Keep A Log.

Tuesday, August 10th, 2010

The tax court recently ruled that gam­blers much net their win­nings and losses on a daily basis. Nev­er­the­less the rul­ing is actu­ally a good win for casual gam­blers as pre­vi­ously the IRS held that win­nings and losses must be recorded after every slot machine pull or roll of the dice.  In this case the cou­ple won $2,000 but was only up $1,100 on the day.  Since the cou­ple did not item­ize they could not take any gam­bling losses from dif­fer­ent days.  Intially the IRS said they owed tax on the entire $2,000 but the Tax Court ruled it was only $1,100. 

So lis­ten up all you gam­blers out there.  Keep a diary of all of your trips to the track, the casino etc.  This diary needs to have the type of gam­ing activ­ity, the date, the loca­tion, a state­ment of wins and loses.  Receipts and tick­ets (of both win­ners and losers–don’t trash them) should be kept to sub­stan­ti­ate the claim on your tax return later on.  Exam­ples of substatiation: 

  • For bingo you would need the num­ber of cards pur­chased, and amounts col­lected on win­ning cards.
  • For Keno you need val­i­dated Keno tick­ets, copies of the casino credit reports and casino check cash­ing records
  • For Rac­ing a record othe the num­ber of races that were bet on, amount of the wagers, and amounts lost
  • For Slots, the num­ber of the machine and win­nings by date machine was played. 
  • Tables (Black Jack, Craps, Roulette etc.), the num­ber of the table where you played, casino credit card data indi­cat­ing where the credit was issued.

Don’t pick up a bunch of losers from the ground.  The IRS will know that you did not make wagers on mul­ti­ple ponies for the same race. The time to keep the diary, is now, before you hit the mod­er­ately big jackpot. As a gam­bler you know you have up days and down days, and you should be keep­ing a gam­bling diary to sub­stan­ti­ate those days. 

For casual gam­blers win­ning days are listed in “other income” on the front of the tax return, and you will need to item­ize your tax return to take your losers, but because the gam­ing indus­try is so influ­en­cial gam­ing losses are NOT sub­ject to the 2% lim­i­ta­tion of income — they have there own spe­cial line right their on the Sched­ule A.  However you may not deduct losses on the Sched­ule A that that exceed win­nings reported in other income.  Large write-offs on a Sched­ule A may trig­ger AMT though.

In a sep­a­rate case, the Tax Court ruled there are “pro­fes­sional” gam­blers.  It was a case of a cou­ple whose gross wagers exceed $1 Mil­lion.  They spent every week­end play­ing slots that prior users had lost money on.  Although they made money at first they wound up down $200,000 with their retire­ment accounts tapped out, mort­gaged to the hilt.  Then they decided to return to casual gam­bling.  This cou­ple was allowed to claim losses up to their win­nings on  a Sched­ule C. You can bet this cou­ple had a lot of doc­u­men­ta­tion of their activities. 

As always, small busi­ness ser­vices and tax­a­tion are our busi­ness.  If you need help Please give Art & Busi­ness Con­sult­ing a call.  We would love to engage you as a client.

The usual dis­claimers: Although ABC has made every effort to insure the accu­racy of Taxes, Tips and Tools, mis­in­for­ma­tion, dis­in­for­ma­tion, changes, mis­takes, typos and hack­ers hap­pen, there­fore Art & Busi­ness Con­sult­ing LLC takes no respon­si­bil­ity for any action taken or results based on the infor­ma­tion sup­plied here in. The con­tent of this blog gen­er­ally applies to busi­ness and indi­vid­ual tax­a­tion in the United States of Amer­ica.  Inter­nal Rev­enue Ser­vice Cir­cu­lar 230 Dis­clo­sure:  As pro­vided for in Trea­sury reg­u­la­tions, advice (if any) relat­ing to fed­eral taxes that is con­tained in this com­mu­ni­ca­tion (includ­ing attach­ments) is not intended or writ­ten to be used, and can­not be used for the pur­pose of (1) avoid­ing penal­ties under the Inter­nal Rev­enue Code or (2) pro­mot­ing, mar­ket­ing or rec­om­mend­ing to another party any plan or arrange­ment address herein.  Art & Busi­ness Con­sult­ing LLC cur­rently does not have a cer­ti­fied pub­lic accoun­tant, human resource spe­cial­ist, finan­cial plan advi­sor or an attor­ney on staff; this infor­ma­tion is purely for edu­ca­tional pur­poses and not to be con­strued as legal or finan­cial advice. Art & Busi­ness Con­sult­ing LLC and its employ­ees, mem­bers and asso­ciates are not engage to prac­tice law; you always should dis­cuss legal mat­ters with your attor­ney before talk­ing to any­one else.

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BP Victims Receiving Payments-It’s Taxable

Tuesday, July 13th, 2010

There is no such thing as a free lunch.  If you are a busi­ness affected by the BP oil spill and receive money to replace income or prof­its, that is tax­able income folks.  It’s replac­ing money that would have been taxed so…

If you are a self-employed pro­pri­etor, then you also owe self-employment tax on the money received. 

Pay­ments to cover lost wages are also tax­able and if your employer or employer’s agent is mak­ing the pay­ment then fed­eral income tax with­hold­ing should occur. 

If you do not sup­ply your TIN to the payee then your pay­ments will be sub­ject to 28% back up withholding. 

If you have ques­tions about your BP oil spill replace­ment income, and BP oil spill related tax matters, there is a toll free num­ber you can call, 1 866 562‑5227.  Also BP oil spill vic­tims in finan­cial trou­ble can call the IRS to sus­pend col­lec­tion efforts.

As always, small busi­ness ser­vices and tax­a­tion are our busi­ness.  If you need help Please give Art & Busi­ness Con­sult­ing a call.  We would love to engage you as a client.

The usual dis­claimers: Although ABC has made every effort to insure the accu­racy of Taxes, Tips and Tools, mis­in­for­ma­tion, dis­in­for­ma­tion, changes, mis­takes, typos and hack­ers hap­pen, there­fore Art & Busi­ness Con­sult­ing LLC takes no respon­si­bil­ity for any action taken or results based on the infor­ma­tion sup­plied here in. The con­tent of this blog gen­er­ally applies to busi­ness and indi­vid­ual tax­a­tion in the United States of Amer­ica.  Inter­nal Rev­enue Ser­vice Cir­cu­lar 230 Dis­clo­sure:  As pro­vided for in Trea­sury reg­u­la­tions, advice (if any) relat­ing to fed­eral taxes that is con­tained in this com­mu­ni­ca­tion (includ­ing attach­ments) is not intended or writ­ten to be used, and can­not be used for the pur­pose of (1) avoid­ing penal­ties under the Inter­nal Rev­enue Code or (2) pro­mot­ing, mar­ket­ing or rec­om­mend­ing to another party any plan or arrange­ment address herein.  Art & Busi­ness Con­sult­ing LLC cur­rently does not have a cer­ti­fied pub­lic accoun­tant, human resource spe­cial­ist, finan­cial plan advi­sor or an attor­ney on staff; this infor­ma­tion is purely for edu­ca­tional pur­poses and not to be con­strued as legal or finan­cial advice. Art & Busi­ness Con­sult­ing LLC and its employ­ees, mem­bers and asso­ciates are not engage to prac­tice law; you always should dis­cuss legal mat­ters with your attor­ney before talk­ing to any­one else.

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To HIRE or not to HIRE?

Sunday, July 11th, 2010

The Hir­ing Incen­tives to Restore Employ­ment Act (HIRE) was signed in to law by Pres­i­dent Obama on March 18, 2010. If an employer hires a worker after Feb­ru­ary 3, 2010 and before Jan­u­ary 1, 2011 and this worker has been out of worker for more than 60 days, the employer is eli­gi­ble for cer­tain tax cred­its.  House­hold employ­ees are not eli­gi­ble for HIRE and nei­ther are busi­ness own­ers or their rel­a­tives, but recent grad­u­ates and minors are. 

  • The HIRE tax credit is a 6.2%  Social Secu­rity Tax break, up to the lesser of 6.2% of the employ­ees wages or $1,000. The employer takes the credit on their pay­roll tax forms, by reduc­ing the employer por­tion Social Secu­rity to zero for eli­gi­ble employees.
  • Then there is a HIRE Reten­tion Credit which kicks in 2011 if a new employee is retain for 52 weeks and does not see a sig­nif­i­cant change in pay dur­ing the sec­ond half the year.  It also is the lesser of 6.2% of wages or $1,000.
  • Work Oppor­tu­nity Tax Credit (WOTC) is $40% of the first $6,000 in wages and could be as much as $2,400.  Of course WOTC applies to a spe­cific class of indi­vid­u­als who face dif­fi­cul­ties get­ting into the work­force: Wel­fare recip­i­ents, dis­abled vet­er­ans, res­i­dents of cer­tain geo­graphic locales, and dis­con­nected youth-so not all new hires will qual­ify for WOTC, but some might. 
  •  How­ever the HIRE tax credit can not be taken with the WOTC.  But the HIRE Reten­tion Credit can be taken with WOTC. 
  • Finally, if an employer was tak­ing the COBRA assis­tance credit, because they laid of a given employee, and that employee was  laid off for more than the 60-day period, the employer can rehire that employee, who will be eli­gi­ble for HIRE tax credit too. 

If an employer does hire a new employee that qual­i­fies for HIRE and WOTC its prob­a­bly a good idea to see which tax credit is the most ben­e­fi­cial to them.  An employer can elect to bypass HIRE in favor of WOTC.  If an employer has already taken HIRE on an employee and decides that WOTC would be a bet­ter deal, they need to file an amended employ­ment tax return, 941-x, for each quar­ter they took the HIRE and repay the social secu­rity tax.  Once that is done the employer can take WOTC. 

More infor­ma­tion on the HIRE credit.  Employ­ees are to cer­tify that they have not been employed more than 40 hours in the 60 day prior to hire using Form W-11 or com­pa­ra­ble document. The 60-day period of unploye­ment must be con­tin­u­ous but can bridge 2009–2010.   The doc­u­ment is to be kept in the employer’s files.  Elec­tronic ver­sions with elec­tronic sig­na­tures are valid. Scanned images of signed paper W-11s are valid.  W-11s and equiv­a­lent need not be nota­rized. The W-11 must be signed, com­pleted and in the employer’s hands before the employer can claim the HIRE credit on their form 941.  If the employer real­izes they have claimed the credit for an inel­i­gi­ble employee they must amend the 941 on which they claimed the credit and pay the tax.  Temp agen­cies are eli­gi­ble for the credit, so if the temp agency claims the credit for a given employee, the employer can not; employ­ers should nego­ti­ate with temp agen­cies to pass the exemp­tion sav­ing through to them.  The credit is only for wages actu­ally paid (not earned) dur­ing March 19, 2010 and Decem­ber 31, 2010. 

In other unem­ploy­ment news, the COBRA sub­sidy has been expanded to included employ­ees laid off through May 31, 2010 and goes through Decem­ber 31, 2010.  For­mer employ­ees are still only eli­gi­ble for 18 months of COBRA assis­tance, but for newly laid off work­ers, this sub­sidy is some good news. 

Also the time to close on a home, get an occu­pancy certificate, and qual­ify for the Home Buyer’s Credit is extended to August 31, 2010–how­ever the con­tract still must have been entered into by April 30, 2010. 

As always, small busi­ness ser­vices and tax­a­tion are our busi­ness.  If you need help Please give Art & Busi­ness Con­sult­ing a call.  We would love to engage you as a client.

The usual dis­claimers: Although ABC has made every effort to insure the accu­racy of Taxes, Tips and Tools, mis­in­for­ma­tion, dis­in­for­ma­tion, changes, mis­takes, typos and hack­ers hap­pen, there­fore Art & Busi­ness Con­sult­ing LLC takes no respon­si­bil­ity for any action taken or results based on the infor­ma­tion sup­plied here in. The con­tent of this blog gen­er­ally applies to busi­ness and indi­vid­ual tax­a­tion in the United States of Amer­ica.  Inter­nal Rev­enue Ser­vice Cir­cu­lar 230 Dis­clo­sure:  As pro­vided for in Trea­sury reg­u­la­tions, advice (if any) relat­ing to fed­eral taxes that is con­tained in this com­mu­ni­ca­tion (includ­ing attach­ments) is not intended or writ­ten to be used, and can­not be used for the pur­pose of (1) avoid­ing penal­ties under the Inter­nal Rev­enue Code or (2) pro­mot­ing, mar­ket­ing or rec­om­mend­ing to another party any plan or arrange­ment address herein.  Art & Busi­ness Con­sult­ing LLC cur­rently does not have a cer­ti­fied pub­lic accoun­tant, human resource spe­cial­ist, finan­cial plan advi­sor or an attor­ney on staff; this infor­ma­tion is purely for edu­ca­tional pur­poses and not to be con­strued as legal or finan­cial advice. Art & Busi­ness Con­sult­ing LLC and its employ­ees, mem­bers and asso­ciates are not engage to prac­tice law; you always should dis­cuss legal mat­ters with your attor­ney before talk­ing to any­one else.

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Midyear Tax Update 2010.

Wednesday, June 30th, 2010

So we are halfway through the year; con­gress has done noth­ing except pass health care reform. There are rumors that incum­bents are so ter­ri­fied of los­ing their jobs, that they are afraid to act.  I don’t know about you, but congress’s inac­tiv­ity also speaks to me-it’s congress’s job to make these deci­sions so that Joe & Jill aver­age tax­payer can plan their taxes; right now its hard to say how much taxes they should be with­hold­ing.  At the rate con­gress is are going none of these issues will be addressed until after Novem­ber elec­tions.  At that point sev­eral issues may be resolved in the lame duck ses­sion, which is far too late for tax planning. 

Mil­lions on unem­ploy­ment need con­gress to act to receive extended ben­e­fits that were already in the works.  As an unem­ployed per­son reaches the end of their cur­rent tier of ben­e­fits, they will not be receiv­ing ben­e­fits under the next tier unless con­gress acts.  Even if con­gress acts there is no plan to extend ben­e­fits beyond 99 weeks. 

As for other expir­ing leg­is­la­tion the usual sus­pects are in the offing:

  • Deduc­tions for col­lege tuition
  • Deduc­tion teach­ers supplies
  • R&D credit,
  • Farm machin­ery write off over 5 years
  • Lease­hold improve­ments over 15 years.

There is talk they will revive:

  • Writ­ing of state sales taxes in lieu of state income tax,
  • tax-free direct pay­outs to char­i­ties from IRAs,
  • the extra stan­dard deduc­tion for per­sonal prop­erty taxes.

Some new tax breaks they are kick­ing around

  • A break on cap­i­tal gains taxes on sales of stock for own­ers of a cer­tain small com­pa­nies, for stock held over 5 years,
  • A larger deduc­tion for busi­ness start up costs,
  • Pen­sion fund­ing relief,

The estate tax talks are also under­way, but are being addressed sep­a­rately, and law mak­ers plan to rein­state it retroac­tively, but may face a legal chal­lenge. Con­gress is decid­ing whether to exempt $5M and have a tax rate of 35% or or $3.5 M and have a 45% tax rate. Nobody wants it to drop back $1 M in 2011. Cur­rently there is no estate tax. 

 Alter­na­tive Min­i­mum Tax (AMT) is also not in the cur­rent bill either–if con­gress does not pass higher AMT exemp­tions then they will fall back to pre-2001 lev­els and AMT will affect mil­lions more taxpayers.. 

In other news the IRS is deny­ing pro­tec­tive claims of refund for FICA taxes on sev­er­ance pay for laid off work­ers.  Short of fil­ing a law­suit against the IRS, com­pa­nies can file an admin­is­tra­tive appeal with the IRS.  The appeals offi­cer can take into con­sid­er­a­ton the haz­ards of lit­i­ga­tion and offer a set­tle­ment, but if no agree­ment is reached the com­pany still has two more years to sue the IRS for the refund and by then the IRS appeal of the lower court rul­ing should be decided. 

In 2011 all paid tax pre­par­ers must be reg­is­tered.  Start­ing in Sep­tem­ber the IRS should have a sys­tem in place for unreg­is­tered pre­par­ers to get a pre­parer tax iden­ti­fi­ca­tion num­ber (PTIN).  Licensed pre­par­ers that already have a PTIN will have to re-register it too.  The fee for reg­is­tra­tion is slated to be between $100 and $200. Only unli­censed pre­par­ers will be sub­ject to IRS com­pe­tency test­ing; unli­censed pre­par­ers will have 3 years to pass the com­pe­tency exam.

UBS turned over the names of 4000 account hold­ers who may have stashed money over­seas to avoid taxes.  If you are among these 4000 you may want to con­sider turn­ing your­self in and throw­ing your­self on the IRS’s mercy in order to avoid crim­i­nal pros­e­cu­tion.  You may want to get a lawyer. 

A recent rul­ing (Shiekh, TC Memo, 2010-126) upholds pass­sive loss rule for real-estate pros with mul­ti­ple rental prop­er­ties–they must attach a state­ment to the tax return say­ing the prop­er­ties are being treated as one activ­ity in order to sat­ify mate­r­ial par­tic­i­pa­tion rules to be treated as a non­pas­sive activity.  Merely group­ing them all together on on sched­ule E does not qual­ify as a valid elec­tion to group the rentals into one activ­ity for mate­r­ial par­ti­pa­tion purposes.  

Busi­ness should be gear­ing up now to report health ben­e­fits received in 2010 on W-2s in 2011.  A health plan’s value is the same as would be used to com­pute the allow­able pre­mium for COBRA coverage. 

Stay tuned.

As always, small busi­ness ser­vices and tax­a­tion are our busi­ness.  If you need help Please give Art & Busi­ness Con­sult­ing a call.  We would love to engage you as a client.

The usual dis­claimers: Although ABC has made every effort to insure the accu­racy of Taxes, Tips and Tools, mis­in­for­ma­tion, dis­in­for­ma­tion, changes, mis­takes, typos and hack­ers hap­pen, there­fore Art & Busi­ness Con­sult­ing LLC takes no respon­si­bil­ity for any action taken or results based on the infor­ma­tion sup­plied here in. The con­tent of this blog gen­er­ally applies to busi­ness and indi­vid­ual tax­a­tion in the United States of Amer­ica.  Inter­nal Rev­enue Ser­vice Cir­cu­lar 230 Dis­clo­sure:  As pro­vided for in Trea­sury reg­u­la­tions, advice (if any) relat­ing to fed­eral taxes that is con­tained in this com­mu­ni­ca­tion (includ­ing attach­ments) is not intended or writ­ten to be used, and can­not be used for the pur­pose of (1) avoid­ing penal­ties under the Inter­nal Rev­enue Code or (2) pro­mot­ing, mar­ket­ing or rec­om­mend­ing to another party any plan or arrange­ment address herein.  Art & Busi­ness Con­sult­ing LLC cur­rently does not have a cer­ti­fied pub­lic accoun­tant, human resource spe­cial­ist, finan­cial plan advi­sor or an attor­ney on staff; this infor­ma­tion is purely for edu­ca­tional pur­poses and not to be con­strued as legal or finan­cial advice. Art & Busi­ness Con­sult­ing LLC and its employ­ees, mem­bers and asso­ciates are not engage to prac­tice law; you always should dis­cuss legal mat­ters with your attor­ney before talk­ing to any­one else.

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Posted in Business Taxes, Individual Taxes, Other Information | 1 Comment »

More Changes For AZ Taxpayers

Friday, June 25th, 2010

July 1 is the start of the Ari­zona State fis­cal year which is why sev­eral changes are going into effect on that date. 

AZ With­hold­ing Tax Change: On July 1, 2010 an employer must with­hold Ari­zona state income tax accord­ing to the new A4s, which they should have obtained from all of their employ­ees prior to that date. We have pre­vously  blogged about the change com­ing to the Ari­zona A4. On July 1st Arizona’s state income tax with­hold­ing rate will decou­ple from the fed­eral with­hold­ing rate. Every employee needs to do a new A4. An employer should not advise employ­ees about how to com­plete the form except to point out the form comes with work­sheet to assist them. That said, a quick and dirty cal­cu­la­tion would be to see how much tax you owed to the state last year and divide it by your Ari­zona state income; but of course this assumes that your income, expenses, mar­i­tal sta­tus, depen­dents, items of credit and deduc­tion, etc. are sim­i­lar to last year, which it may not be.

AZ Child Sup­port Gar­nish­ments Change: If you are an employer who does gar­nish­ments for things like child sup­port in Ari­zona through CLEARINGHOUSE, please be advised that the fee will increase from $2.25 to $5.00  start­ing July 1.

In addi­tion to these changes that go into effect in less than a week, there are other things you should aware of. 

Trans­ac­tion Priv­i­lege Tax License Change:  You are prob­a­bly aware that the Ari­zona “sales tax” increased 1% statewide on June 1st, and you should have already adjusted your soft­ware, point of sales sys­tems and reg­is­ters.  How­ever some­time in Sep­tem­ber the AZ DOR is going to be send­ing out Trans­ac­tion Priv­i­lege Tax renewal forms.  The only peo­ple who won’t have to renew their licenses are those who got their licenses on or after July 1, 2009.  The law increases the fee to obtain, change or renew a license to $40 up from $12 for a period of 1 year and 2 weeks start­ing June 15, 2010;  means the change will be in effect for the state’s entire upcom­ing fis­cal year.  It’s not expected to be a big rev­enue raiser, but the AZ DOR hopes to get peo­ple who have never filed a TPT return or who haven’t filed in a long time off the sales tax rolls.  If you’e had your license a year or longer, you will need to pay for the renewal if you want to keep it.

Non­con­for­mity with Fed­eral 2009 tax forms: This change qui­etly went into effect on April 27, 2010.  The State of Ari­zona decided not to con­form to the Fed­eral Tax code after the first tax dead­line had passed.  If you filed your tax form on or before April 15, 2010 and you had any of the fol­low­ing items of income, deduc­tion or credit on your tax return-you may need to file an amended Ari­zona tax return and pay addi­tional tax.  You do not need to amend your fed­eral tax return, just Arizona’s. 

  • Unem­ploy­ment: you need to add the $2400 the fed­eral gov­ern­ment exempted from gross income back into your Ari­zona income and pay the addi­tional tax.
  • Auto­mo­bile Sales Tax deduc­tion: you need to remove the auto­mo­bile sales tax from your deduc­tions, which will increase your income and you may owe addi­tional tax.
  • Haiti Con­tri­bu­tions made between Jan­u­ary 11 and before March 1, 2010 that were taken as a char­i­ta­ble deduc­tion in 2009.  These con­tri­bu­tions will be eli­gi­ble char­i­ta­ble deduc­tions on your Ari­zona taxes in 2010.  Again this will increase your income and you may owe addi­tional tax.
  • Dis­charge of Indebt­ed­ness (DOI) Income From Busi­ness Indebt­ed­ness Dis­charged by the Reac­qui­si­tion of a Debt Instru­ment–the feds allowed it to be added rat­ably over 5 years, AZ did not. 
  • Orig­i­nal Issue Dis­count (OID) on Reac­qui­si­tion of Debt Instru­ment–the feds allowed the income to be deferred, AZ did not. 
  • Spe­cial Fed­eral Net Oper­at­ing Loss (NOL) Car­ry­back Rules for 2008 and 2009 Losses-the feds allowed a spe­cial longer car­ry­back period of 3, 4, or 5 years, instead of 2, AZ did not. 

 The amended tax form is 140X for indi­vid­ual tax­pay­ers and it can be found on the AZ DOR web­site.  There is more infor­ma­tion about AZ 2009 non­con­for­mity here. These links take you to the Ari­zona Depart­ment of Rev­enue web­site and you will be sub­ject to their pri­vacy poli­cies etc.; Art and Busi­ness Con­sult­ing LLC is not affil­i­cated with the AZ DOR. 

If you live in another state, check with your state’s depart­ment of rev­enue regard­ing con­for­mity issues with respect to your state. 

As always Art and Busi­ness Con­sult­ing is here to help.  If you need help fil­ing an amended Ari­zona tax return, or any other with a small busi­ness and or tax issue, please give us a call.

The usual dis­claimers: Although ABC has made every effort to insure the accu­racy of Taxes, Tips and Tools, mis­in­for­ma­tion, dis­in­for­ma­tion, changes, mis­takes, typos and hack­ers hap­pen, there­fore Art & Busi­ness Con­sult­ing LLC takes no respon­si­bil­ity for any action taken or results based on the infor­ma­tion sup­plied here in. The con­tent of this blog gen­er­ally applies to busi­ness and indi­vid­ual tax­a­tion in the United States of Amer­ica.  Inter­nal Rev­enue Ser­vice Cir­cu­lar 230 Dis­clo­sure:  As pro­vided for in Trea­sury reg­u­la­tions, advice (if any) relat­ing to fed­eral taxes that is con­tained in this com­mu­ni­ca­tion (includ­ing attach­ments) is not intended or writ­ten to be used, and can­not be used for the pur­pose of (1) avoid­ing penal­ties under the Inter­nal Rev­enue Code or (2) pro­mot­ing, mar­ket­ing or rec­om­mend­ing to another party any plan or arrange­ment address herein.  Art & Busi­ness Con­sult­ing LLC cur­rently does not have a cer­ti­fied pub­lic accoun­tant, human resource spe­cial­ist, finan­cial plan advi­sor or an attor­ney on staff; this infor­ma­tion is purely for edu­ca­tional pur­poses and not to be con­strued as legal or finan­cial advice. Art & Busi­ness Con­sult­ing LLC and its employ­ees, mem­bers and asso­ciates are not engage to prac­tice law; you always should dis­cuss legal mat­ters with your attor­ney before talk­ing to any­one else.

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