Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
FinCEN complying with BOI Filing Temporary Injunction FinCEN announced that it would comply with the order issued by the District Court in Texas Top Cop Shop,. “so long as it is in effect... .” Even though the injunction was issued by a judge in the Eastern District...
Business Owners Relieved from the Expensive and Time-Consuming Burden of Filing Beneficial Ownership Information On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a decisive nationwide preliminary injunction, effectively barring the...
When can you deduct business meals and entertainment? The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that you can’t deduct any part of the cost of taking clients out for a round of golf or to...
The IRS has set the following interest rates for overpayments and underpayments: 1. **Individuals**: 7% annually for both overpayments and underpayments, compounded daily. 2. **Corporations**: - 7% for overpayments. - 6% for general corporate overpayments. - 4.5% for...
IRA and SEP IRA can reduce taxes for 2024 1. Traditional IRA Contributing to a traditional individual retirement account (IRA) is a powerful strategy to save for your future while reducing your taxable income for 2024. If you qualify, traditional IRAs provide an...
The good news is that the amount you and your employees can save for retirement is increasing in 2025, providing a brighter outlook for your retirement savings. How much can you and your employees contribute to your 401(k)s or other retirement plans next year?...
Hurricane Losses and Casualty Damage Tax Deductions It is not the old days when casualty losses were automatically deductible expenses from US Income Taxes. Since Congress changed the Internal Revenue Code in 2017, casualty losses such as Hurricane Damage are no...
Help ensure your partnership or LLC complies with tax law Tax issues must be addressed when drafting partnership and LLC operating agreements. This is also true of multi-member LLCs, which are treated as partnerships for tax purposes. Here are some...
LLC (limited liability company) is a popular choice for small to medium-sized businesses due to its ability to provide liability protection for owners and favorable tax treatment as a partnership. LLC owners can also elect to be taxed as a partnership, allowing for pass-through taxation and special allocations of tax benefits. Unlike S corporations, LLCs are not subject to restrictions on the number of owners and types of ownership interests. It’s important to consider state regulations when choosing an LLC structure
Trade Secrets, Customers, and business techniques are hard to protect from employees who take the information to new employers. They "sell" the information in return for a job or more pay. Realistic covenants against competition can have a deterrent effect even though...
