Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
How Section 1231 gains and losses affect business asset sales
Understanding the tax implications is crucial when selling business assets. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from selling or exchanging specific business property.
The requirement for filing Beneficial Ownership Information reports is on hold until the Fifth Circuit makes its final decision. If the taxpayers win, I anticipate the Treasury Department will appeal to the U.S. Supreme Court. On the other hand, when administrations change on January 20, 2025, there will hopefully be actions to drastically alter or eliminate this intrusive law.
Operating as a C corporation: Weigh the benefits and drawbacks When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business...
BOI Filing Required...Again President Biden’s FTC appeal of an injunction overturned the injunction granted by the US District Court. The Fifth Circuit ended the injunction but demanded that the full appeal be heard in January. The deadline for most reporting...
On December 13, 2024, the Biden Department of Justice submitted an emergency motion to the U.S. Court of Appeals for the Fifth Circuit to stay the preliminary injunction issued by the U.S. District Court for the Eastern District of Texas. This injunction...
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...
