For many small business owners, taxes are a once-a-year chore that requires them to dig through files of paper and pull together all of the documents required by their tax preparers to file their annual returns. Truth be told, maintaining tax compliance and minimizing one’s annual tax bill is a year-round process that demands constant […]
Posted on December 17, 2019
by
Joanie Stein
It is not uncommon for entrepreneurs to go into business with family members or to employ close relatives to work in their companies. In fact, putting family members on your payroll can not only help them earn their own money and gain valuable work experience, but it can also provide business owners with some unique […]
The IRS issued final regulations confirming that taxpayers who take advantage of the increased gift and estate tax exemptions in effect temporarily under the new tax law until 2026 will not be subject to tax in later years when the generous provision is set to expire. The announcement allays fears that tax-free gifts made today […]
Posted on December 05, 2019
by
Ken Vitek
In November 2019, the Financial Crimes Enforcement Network (FinCEN) strengthened its efforts to combat money laundering by reissuing its Geographic Targeting Order (GTO) program for U.S. real estate transactions. Under the renewed GTO, which is extended through May 9, 2020, title insurance companies must collect and report the identities of certain beneficial owners behind holding companies and legal […]
Posted on December 03, 2019
The IRS recently announced the annual inflation adjustments to various provisions of the tax code for 2020. Taxpayers should consider these changes very carefully as they plan for tax efficiency in 2020 and when they prepare to file their 2020 tax returns in 2021. It is also for taxpayers to keep in mind that these […]
Posted on November 20, 2019
by
Angie Adames
In an effort to improve tax compliance and the quality of information reported by partnerships, the IRS recently issued updated versions of Form 1065, U.S. Return of Partnership Income, and Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc., for applicable taxpayers to use when filing their 2019 tax returns in 2020. According to the […]
Posted on November 12, 2019
by
Karen Lake
The Florida legislature recently voted to again reduce the sales tax that commercial real estate owners charge and receive from tenants to 5.5 percent in 2020 from its current rate of 5.7 percent. Real property rentals subject to the reduced rate include commercial office space, retail, warehouses and certain self-storage units, excluding storage for motor […]
For many foreign persons, the U.S. tax system can be a complicated web of conflicting rules and exceptions, making compliance difficult, at best. One of the more complex challenges concerns the manner in which the U.S. imposes tax on foreign persons for income tax and estate and gift tax purposes. In general, the U.S. presumes […]
Posted on October 31, 2019
by
Edward Cooper
Businesses that own rental property and are organized as pass-through entities, such as S corporations, partnerships or LLCs, may have a unique ability under the Tax Cuts and Jobs Act (TCJA) to potentially obtain a deduction for up to 20 percent of the qualified business income (QBI) they generate from leasing real estate. Section 199A of the tax […]
Posted on October 24, 2019
by
Joseph Saka
Savvy real estate developers and investors have long relied on the Delaware Limited Liability Company Act (DLLCA) to provide them with a flexible and tax-friendly solution for purchasing and holding real property. In planning for the future, current and prospective Delaware LLCs and their members should recognize that the state recently made amendments to the […]
