Under the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (Act) enacted on September 29, 2017, the IRS provides tax relief for those affected by hurricanes Irma, Harvey and Maria. Deductions for personal casualty losses and distributions from retirement plans are impacted. In...
Read MoreIf you have a household, or domestic, employee then you may have employment tax obligations to fulfill as an employer. While some household employees may seem obvious, others may not. To stay compliant, it’s important to first understand the definition of each and then which IRS, state...
Read MorePrivate equity fund advisers earn income in different ways, including via management fees and profits interests. Strategic planning techniques — such as opting to waive the management fee — can help an adviser potentially defer income or take advantage of more preferential income...
Read MoreOn October 5, 2016, the IRS issued final, temporary and proposed regulations on partnership disguised sales and allocation of liabilities. Under these regulations (and consistent with the prior regulations), when a partner contributes property to a partnership and receives a distribution within...
Read MoreOver the years we have seen companies, many of whom operate in real estate, purchase debt in the secondary market often significantly below the principal amount owed. The goal is to collect the price paid for the debt as well as a substantial portion of its original principal amount...
Read MoreGenerally, a partner who sells an interest in a partnership will recognize capital gain or capital loss on the disposition. However, Internal Revenue Code Section 751 may cause an unanticipated tax consequence — the need for the partner to recognize ordinary income on the sale of the...
Read MoreIf you’ve invested in a small business and sold the stock after holding it for more than five years, you may be able to exclude a percentage of your gain under Internal Revenue Code (IRC) Section 1202. This federal tax benefit can provide investors with significant tax savings, resulting in...
Read MoreIn a dramatic session that went into the early hours of the morning of July 28, a bill to repeal parts of the Affordable Care Act (ACA) — but retain others — failed to capture enough votes in the U.S. Senate. Senators Susan Collins (R-ME), John McCain (R-AZ) and Lisa Murkowski (R-AK...
Read MoreAre you in the auto sales industry? If so, you may be able to exclude the use of a demonstrator (demo) vehicle from gross income and wages — and save on your income and payroll taxes. Generally, full-time auto salespeople using a demo in the area surrounding the sales office can...
Read MoreThe consequences of doing business in a country with which the U.S. has a tax treaty can be much different than those encountered when dealing with a non-treaty country. It’s important to understand the basic differences of each. Treaty CountriesThe United States has a number of...
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