After a lull in 2022, merger and acquisition (M&A) activity has picked up this year as expected. However, due to ongoing economic uncertainty, earnouts are likely to play a big role in many deals — which may carry significant tax consequences. Also known as a contingent consideration, an earnout is a mechanism that promises future payments […]
Archives for September 2023
IRS No Longer Processing ERC Claims
You have heard or seen on various media outlets that businesses are not taking advantage of the Employee Retention Credit (ERC). However, many companies offering assistance with filing for the credit are taking advantage of the public and making claims where none exists, all while collecting a hefty percentage of the claim. The money that […]
New Tax Scam Regarding Unclaimed Refunds
The IRS is cautioning taxpayers of a new scam with the promise of unclaimed refunds. This phishing scam requests sensitive information, including a photo of your driver’s license, your Social Security number and banking details, in order to steal your identity. Here are the warning signs: Suspicious mailer. The scam is sent via a delivery […]
Team “Go With Magone” Joins the Fight Against Alzheimer’s Disease
On Saturday, September 30, Magone & Company will be raising awareness and funds for Alzheimer’s disease as Team “Go with Magone.” Team members will participate in the Alzheimer’s Association 2023 Essex-Hudson-Union Walk to End Alzheimer’s® at South Mountain Recreation Complex, 9 Cherry Lane in West Orange, NJ. The Alzheimer’s Association® is a worldwide voluntary health […]
Trust Taxation: It All Depends on the State
Trusts are often established to grant legal protection for a party’s assets, ensuring they’re distributed according to the owner’s wishes. In most states, Uncle Sam will still be owed a portion — it just depends on where you live. A trust can be taxed as a resident trust in multiple states or in no states. The […]