Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
Wait before you file the Beneficial Ownership Information Report! The Corporate Transparency Act (CTA) requires most businesses, LLCs, Corporations, and limited liability entities to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN)...
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.
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the...
Important tax aspects of operating your business as a sole proprietor If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:...
Know the ins and outs of “reasonable compensation” for a corporate business owner Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct...
TAX-SMART DOMESTIC TRAVEL: COMBINING BUSINESS WITH PLEASURE Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few...
WHAT TYPE OF EXPENSES CAN’T BE WRITTEN OFF BY YOUR BUSINESS? If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct...
HOW ENTREPRENEURS MUST TREAT EXPENSES ON THEIR TAX RETURNS Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend...
DIVORCING BUSINESS OWNERS NEED TO PAY ATTENTION TO TAX IMPLICATIONS If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest...
A REFRESHER ON MAJOR TAX LAW CHANGES FOR SMALL-BUSINESS OWNERS The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to...
