Once again, year-end planning is complicated by an uncertain tax landscape that hinges on the government’s ability to pass legislation. As Congress continues to negotiate and pare down the administration’s original $3.5 trillion Build Back Better spending bill, taxpayers must tread carefully when making decisions that could impact their businesses and personal wealth for many […]
Posted on November 11, 2021
by
Rick Bazzani
Considering the rapid pace at which tax laws change and the amount of time and effort taxpayers spend preparing to file their federal income tax returns, it’s no wonder that mistakes can occur. Luckily, the IRS offers a few options for taxpayers to correct errors or make other changes to their originally filed returns. To […]
Posted on November 03, 2021
by
Lewis Taub
For tax year 2021, business interest expense deduction limitations return to their pre-COVID levels, impacting a broad range of business activities, including merger and acquisitions (M&As). Affected companies must prepare to quantify how this reduced benefit will impact their bottom lines and these transactions moving forward. Under the Tax Cuts and Jobs Act (TCJA) enacted […]
Posted on October 20, 2021
by
Adam Cohen
Giving money to charity enables you to support the issues, organizations and causes that are important to you. Not only do these efforts fill you with pride and gratitude, but they may also enable you to reduce your tax liabilities, especially for tax years 2020 and 2021. Individual Taxpayers Among the provisions included in the […]
Posted on October 14, 2021
If and when Congress passes a law reforming the tax code, there is a general expectation that taxes will increase, and some commonly used estate planning strategies will be added to the endangered species list. Among the tools being targeted are irrevocable grantor trusts, which have long enabled grantors to remove appreciating assets from their […]
Posted on October 04, 2021
On September 25, the House Budget Committee voted to approve the latest round of recommended changes to the U.S. tax code as part of the president’s $3.5 trillion Build Back Better Act. The draft legislation calls for higher taxes, but at rates that are not as high as previously proposed. In addition, it fails to […]
Posted on September 24, 2021
When individuals sign legal documents, including personal checks, contracts, tax returns, etc., they generally are not required to add any language explaining who they are. Their names alone satisfy the legal requirements for validating those documents. However, when those people are also officers of corporations or managers of partnerships or LLCs, they usually include their […]
Posted on September 16, 2021
by
Karen Lake
Despite a strong economic recovery since the start of the COVID-19 pandemic, businesses of all sizes are struggling to find and hire ample staff to keep up with demand. For some, relief has come by expanding their pool of potential employees to include veterans, ex-felons and other individuals who typically face significant barriers to employment. […]
Posted on September 14, 2021
Tax-Deferral Strategies for Commercial Real Estate Investors Commercial real property investors have long relied on Section 1031 of the Internal Revenue Code to defer capital gains tax on the sale of appreciated property when they reinvest sales proceeds into similar like-kind property. However, with the Biden administration’s proposal to restrict the tax-deferral benefits of 1031 […]
Posted on September 08, 2021
by
Karen Lake
The federal research and development (R&D) tax credit is one of the most valuable tax incentives while also being one of the most misunderstood. Contrary to popular belief, eligibility is not limited to businesses that employ scientists, develop cutting-edge products or make groundbreaking discoveries. Rather, it may apply to businesses, large and small, in a […]
