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Showing 88 posts from 2014.
Capital gains tax treatment for a closely held business
When it comes to closely held businesses, taxation can also be a challenging issue. This turned out to be especially the case where differences of opinion rose concerning valuations of a built-in capital gains tax discount. This occurred upon the death of one of the family members who owned 23.44 percent of the business. Without any discounts, the value of her share would have been placed at $12.2 million. More >
A New State & Your Estate
People are not stationary - moving to a new state for work, family, or other reasons is a part of life for a great deal of individuals. What happens to an estate plan, though, when a person no longer lives in the state where their plan was created? Is the plan still valid in their new state? Although estate planning documents that were validly executed in one state should generally be valid in another, these instruments may need some modification. It is highly recommended that all executed documents be, at the very least, reviewed by an attorney when relocation occurs. More >
President Obama's 2015 Budget Proposals for Estate & Gift Tax
On March 4, the President unveiled his fiscal year 2015 budget proposals, totaling $3.9 trillion. The overall emphasis in his proposal was creating incentives for lower and middle income individuals while curing tax preferences for higher income individuals and businesses. Not new to the proposal was the President's plan to lower the estate, generation-skipping transfer ("GST") and gift tax exemptions to their 2009 levels starting in 2018. More >
Merger talks between companies lead to share price increases
Dish and Direc TV have been in the middle of negotiations to merge. The two companies had previously attempted to form a merger, but the Federal Communications Commission had nixed the deal out of concerns that competition would be eliminated. More >
Apple helps startup company make a go of it
Sometimes a small business can pursue greater opportunities through the assistance of a much larger company. A company called iHealth specializing in wearables for those with certain medical conditions was a startup company for a Chinese manufacturer. Apple has since provided the company assistance regarding the development of an app. More >
The Tax Benefits of an Accessible Business
If you are the owner of a business that is open to the public, it is your responsibility to ensure that it is compliant with the Americans with Disabilities Act of 1990 ("ADA") accessibility provisions. While complying with federal laws can be onerous at times, there are certain tax benefits available for making improvements to your office space. More >
Deciding whether to make an election for an S corporation
Kentucky business owners will often form a corporate or other business entity due to tax considerations. Without this formation income and tax expenses can end up on one's Schedule C for the personal tax return. The problem with a Schedule C is that this sort of tax return is one that may trigger an audit by the IRS. More >
The Future of Non-Profits & Politics
Nonprofit organizations have played an important role in America's history, but that role may soon be redefined as the IRS seeks to reform the tax code provision that gives life to these organizations. Currently, a nonprofit organized under Section 501(c)(4) of the tax code can engage in politics and remain tax-exempt if more than half of its money and time is spent on "social welfare activities." As a result, especially in recent years, several nonprofit organizations have entered into the political arena with big wallets and a set agenda, both on local and national stages - especially because political nonprofit organizations are permitted to keep donor names confidential. A study by the Center for Responsive Politics found that political spending by nonprofit organizations skyrocketed from less than $5.2 million in 2006 to more than $300 million in 2012. More >
Tax incentives approved by Kentucky house for certain businesses
Kentucky lawmakers have decided to extend tax incentives to help spur on expansion projects being conducted by AK Steel and General Electric. Those sponsoring the bill hope that the bills will protect high-paying jobs that are being offered by these corporations. The bills reportedly passed without opposition. More >
Relief for M&A Brokers in Form of No-Action Letter
Recently, the Division of Trading and Markets ("the Division") of the U.S. Securities and Exchange Commission released a no-action letter indicating that the staff of the SEC would not recommend enforcement action against an "M&A Broker", even though that person or firm will receive compensation for assisting in the private sale of the stock of a target company. Those in the financial industry have long argued that the role of an M&A Broker is different from that of institutional brokerages and those qualified as such should not have to deal with the full costs and regulatory burdens associated with broker-dealer registration. More >
