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McBrayer Blogs

Showing 9 posts from April 2014.

Charter and Comcast reach deal over Time Warner acquisition

Charter Communications and Comcast have both been seeking to acquire Times Warner Cable.  While Comcast eventually prevailed when it made a $45 billion offer for Times Warner, Charter will be able to pick up on some of the subscribers that Comcast is divesting.  Charter will also acquire a stake in a company Comcast is spinning out as well. More >

Severance Payments Do Not Escape FICA

If you are an employer or are responsible for payroll taxes at your business, then this post is a must- read. Recently, the United States Supreme Court issued a decision in United States v. Quality Stores, Inc. and declared that lump sum severance payments made to laid-off employees are taxable wages for FICA purposes.[1] This decision was a major victory for the Internal Revenue Service, which has been fighting thousands of refund claims from companies and former employees. Had the Court ruled in favor of Quality Stores Inc., the IRS faced potential refund issuances exceeding one billion dollars. More >

Bank allows itself to be acquired due to slow economy

Insight Bank has been acquired by First Financial Bancorp.  With its $6.4 billion in assets, First Financial has 100 branches including ones located in Kentucky. More >

Lost & Found: How Business Owners Should Handle Unclaimed Property

This week, it was announced that Kentucky State Treasurer, Todd Hollenbach, has returned more than $100 million in unclaimed property to its rightful owners during his six years in office. According to Hollenbach, that is more than all the state treasurers combined returned in the 60 years before his administration. That is quiet an impressive statistic. More >

Entrepreneur hopes to make a go of his new company in Lexington

Individuals often start-up a business with a new idea to market, but they often need the additional financing to back it up. These businesses will often seek the assistance of other companies to help them get a start. More >

Capital gains tax treatment for a closely held business

When it comes to closely held businesses, taxation can also be a challenging issue. This turned out to be especially the case where differences of opinion rose concerning valuations of a built-in capital gains tax discount. This occurred upon the death of one of the family members who owned 23.44 percent of the business. Without any discounts, the value of her share would have been placed at $12.2 million. More >

A New State & Your Estate

People are not stationary - moving to a new state for work, family, or other reasons is a part of life for a great deal of individuals. What happens to an estate plan, though, when a person no longer lives in the state where their plan was created? Is the plan still valid in their new state? Although estate planning documents that were validly executed in one state should generally be valid in another, these instruments may need some modification. It is highly recommended that all executed documents be, at the very least, reviewed by an attorney when relocation occurs. More >

President Obama's 2015 Budget Proposals for Estate & Gift Tax

On March 4, the President unveiled his fiscal year 2015 budget proposals, totaling $3.9 trillion. The overall emphasis in his proposal was creating incentives for lower and middle income individuals while curing tax preferences for higher income individuals and businesses. Not new to the proposal was the President's plan to lower the estate, generation-skipping transfer ("GST") and gift tax exemptions to their 2009 levels starting in 2018. More >

Merger talks between companies lead to share price increases

Dish and Direc TV have been in the middle of negotiations to merge.  The two companies had previously attempted to form a merger, but the Federal Communications Commission had nixed the deal out of concerns that competition would be eliminated. More >

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