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.
A business owner goes to jail trying to hide income using a check cashing agency. There is a mistaken and absolutely crazy belief using a check cashing agency will enable a business to hide gross receipts from the IRS. Not true! The IRS frequently audits check-cashing...
Key 2024 inflation-adjusted tax parameters for small businesses and their owners The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts most likely to affect small businesses and their owners. Rates and...
The IRS has stopped processing new Employee Retention Credit (ERC) claims because they are worried about scams and improper claims. (IR 2023-169, 9/14/2023) They will still work on claims filed before the stop, but it will take longer because they are doing more...
Partners may have to report more income on tax returns than they receive in cash Are you a partner in a business? (Note: this includes LLC members if the LLC is treated as a 1065 Partnership for tax purposes!)You may have come across a situation that’s...
The tax mechanics involved in the sale of trade or business property What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s...
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:...
Numerous tax limits affecting businesses have increased for 2022 Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social...
HAVEN’T FILED YOUR 2019 BUSINESS TAX RETURN YET? THERE MAY BE WAYS TO CHIP AWAY AT YOUR BILL The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on...
