Apr 272011
579 Changes to the U.S. Tax Code in 2010

Is it any wonder that few people understand the tax code in the United States? How do you keep up when more than 500 changes are made in one year? At Ourednik Law Offices, we make it our priority to stay up to date on tax code changes so that we may competently represent our clients. Tax laws impact almost every transaction in our society. When you buy things from the store, you pay sales tax. If you order items from out of state and have them shipped to your home, you may be subject to use tax. Own a More…

Apr 182011
Income Taxes Are Due Today

Income tax returns are due by the end of today, April 18. Here are a few helpful tips to ensure that your filing runs smoothly. • Double check your numbers. Especially when filing a paper return. This includes both your mathematical calculations as well as any identifying numbers such as your social security number or your tax ID. • Make sure you follow the proper submission procedure. Sign and date the return (both spouses must sign if married filing jointly) and be sure to submit your filing to the proper address if you are mailing your return. You can find More…

Apr 152011
Tax Implications of Selling A Small Business

If you own a small business, part of your retirement strategy may depend on the successful sale of that business at some point in the future. If so, proper tax planning is essential. From a tax perspective, how the sale of an LLC or corporation is structured can mean big consequences to both the buyer and the seller. One important question is exactly what is being sold? Will it be the business entity itself or just the assets? The answer to this question will depend on what the buyer and seller are trying to accomplish. Oftentimes, the seller wishes to More…

Apr 082011
Don't Become a Victim of the "Dirty Dozen"

Its Tax Season! This time of year the IRS wants taxpayers to be aware the “Dirty Dozen” tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. Every year the IRS highlights the most prevalent of these scams, including: return preparer fraud, filing false or misleading reports, identity theft, and frivolous tax arguments. Here are some important guidelines you should keep in mind: 1. YOU are responsible for the content of your tax return and YOU are liable for the consequences that flow from the information that is reported. More…


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Apr 082011

Welcome to the Ourednik Law Offices Tax Law Blog. This site enables Ourednik Law Offices attorneys to connect with our clients and web visitors to exchange news, legal developments, and general information related to tax law and tax planning. Check back frequently for the latest updates!