Business owner FAQs about IRS audits
IRS audit rates remain relatively low, but that’s little consolation if the IRS selects your return for an examination. Although most taxpayers will never face an audit, business owners often have more complex tax situations that can attract IRS attention. The good news is that with proper preparation, detailed records and professional guidance, you can […]
If you have a loved one with a disability, consider a special needs trust
Estate planning can take on added significance when a child, spouse or other loved one has a disability. Leaving assets directly to that person — even with the best intentions — could interfere with his or her eligibility for certain means-tested government benefits. A special needs trust (SNT), sometimes called a “supplemental needs trust,” may […]
Don’t overlook the GST tax when transferring wealth to younger generations
If your estate plan includes gifts, bequests or other transfers to grandchildren, great-grandchildren or other beneficiaries decades younger than you, the generation-skipping transfer (GST) tax deserves careful attention. Without proper planning, transfers that skip a generation can potentially trigger a significant federal tax in addition to gift or estate taxes. GST tax rules at a […]
What are the tax implications of cryptocurrency transactions?
If your small business accepts, uses or invests in Bitcoin, Ethereum or other forms of cryptocurrency, accurate reporting and detailed records are critical for federal tax purposes. The IRS continues to scrutinize digital-asset transactions. Today, business tax returns include a question about digital assets, and brokers are now required to report certain transactions to taxpayers […]
5 tax-smart ways to take cash out of your C corporation
If you own a closely held C corporation, you might be looking for ways to withdraw cash from your business. Paying yourself a dividend can be a straightforward option — but it comes at a tax cost. Corporate distributions are generally taxable to you to the extent of your company’s “earnings and profits,” and your […]
When your will needs an update, follow the formalities
Laws governing the execution of a valid will vary by state, but they generally require certain formalities. For example, a will typically must be signed by the person making it — known as the testator — and witnessed according to state law. Some estate planning documents may also require or benefit from notarization. Following these […]
Repair or improvement: Does the distinction matter under current tax law?
Ordinary repair and maintenance costs are generally deductible in the year they’re paid or incurred, depending on your accounting method. Costs that improve property must be capitalized. However, under current tax law, capitalization doesn’t necessarily mean waiting years to recover the cost. The One Big Beautiful Bill Act (OBBBA) permanently restored 100% bonus depreciation for […]
Merline & Meacham’s Phillip Martin Shares Probate Insights at SC Fall Seminar
Log Out We are proud to share that Merline & Meacham, P.A. attorney Phillip Martin was a featured speaker at Old Republic Title’s recent 2026 South Carolina Fall Seminar which was held at the historic The Westin Poinsett in Greenville. The event was a fantastic success and provided Phillip with a platform to present on […]
Four Merline & Meacham, PA. Attorneys attended the 2026 ACTEC Southeast Regional Meeting
2026 ACTEC Southeast Regional Meeting Last weekend, attorneys David Merline, Keith Meacham, Bob August, and Doug O’Neal, attended the 2026 ACTEC Southeast Regional Meeting in Alexandria, Virginia. The American College of Trust and Estate Counsel (ACTEC) is a prestigious, peer-elected association recognizing top-tier trust and estate attorneys with at least 10 years of active experience […]
Phillip J. Martin joins panel to discuss the overlooked human side of estate planning
Earlier this month, Phillip J. Martin, a shareholder at Merline & Meacham, P.A., joined a panel hosted by UBS Financial Services to discuss the critical but frequently overlooked human side of estate planning. While technical frameworks and tax strategies are vital pillars of what we do at Merline & Meacham, P.A., a true legacy is […]