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Showing 57 posts in Corporate and Business Tax.
Congratulations on the Birth of Your New Tax Exemption! (Tax Breaks for New Parents)
Planning for a new baby is a constant stream of decisions and questions concerning diapers, cribs, colors, daycare and more, all in the service of preparing your life for a new bundle of joy. What new parents forget in the hustle and bustle of bringing a new life into the world is that the state and federal revenue services both have a little joy of their own to add to the equation in the form of tax breaks. More >
Changes Ahead for Kentucky's Nonprofits and Other Business Entities
Gov. Beshear signed House Bill 440 into law on April 1st, with the provisions of the new law becoming effective on June 24th. This new law adopts provisions modeled on the Revised Uniform Unincorporated Nonprofit Associations Act and makes several changes to Kentucky's business entities laws, particularly in the area of nonprofit companies. Overall, the law should strengthen opportunities for non-profits association and businesses to operate in the Commonwealth, and this post will briefly discuss some of the highlights. More >
Midyear Tax Planning
As we approach the middle of the year, this is the perfect time to consider tax planning for your business and whether you need to make any changes to your current tax strategies. More >
IRS Guidance on the Work Opportunity Tax Credit Extension for 2014
As part of the Tax Increase Prevention Act of 2014 ("the Act") that Congress passed at the end of last year, the Work Opportunity Tax Credit ("WOTC") was re-extended for the 2014 tax year. The WOTC provides a tax credit to employers that hire members of certain targeted groups. The WOTC requires that employers obtain certification from Designated Local Agencies ("DLAs") within 28 days of the hiring of the specified individual or prescreen the applicants. Because the WOTC was not actually in effect until the end of 2014, its provisions apply retroactively, and employers now need further time to receive the proper certifications necessary for the credit. More >
Stock and Asset Sales: Tax Consequences of Each Transaction
As discussed in prior posts, an asset sale transfers only the assets of the business, whereas a stock sale transfers some or all of the ownership interest in the business as well as its obligations and liabilities. In this continuing examination of how to structure a business sale, the next points of consideration are the tax consequences of each transaction and ways they can affect the buyer and seller. These types of structures confer different tax benefits or burdens on each party, so tax treatment is one of the most crucial elements in the sale. More >
1031 exchange: a business strategy to defer capital gains tax, P.2
In our last post, we began speaking about the potential for businesses to take advantage of tax law to defer capital gains tax on business property they want to relinquish. One important thing to point out, though, is that business owners who feel they may benefit from this tax strategy should always seek out professional help in doing so to ensure they have a thorough understanding of the process and that they avoid complications. More >
1031 exchange: a business strategy to defer capital gains tax
For businesses, it is important to be aware of strategies that can help decrease tax liability. In this post, we want to talk about one such strategy: 1031 exchanges, also called like-kind exchanges. This tax strategy essentially involves the exchange of a business or investment asset—usually, but not necessarily, real estate—for another. Corporate stock and partnership interests are not eligible for 1031 exchanges. More >
The Individual Taxpayer Implications of the Tax Extenders in H.R. 5771
Every year for the past several years, Congress has passed a series of what are referred to as "tax extenders" - reinstatements of tax deductions and credits that have expired before the current tax year. It did so again in 2014, renewing several key tax breaks for individuals that apply exclusively to the 2014 tax year. More >
Tax-Exempt Organizations: Excess Benefit Transactions vs. Private Inurement
In the past several years, tax-exempt organizations (hereinafter "Organizations") have faced greater scrutiny and attention from the IRS. As a result, Organizations must adhere to stricter compliance and administrative requirements to maintain their tax-exempt status. More >
Possible Delay to 2015 Tax Season
In a letter dated October 6, 2014, IRS Commissioner John Koskinen wrote to Senate Finance Committee Chairman Ron Wyden expressing his concern about the upcoming 2015 tax filing season. Specifically, he is worried about dozens of tax breaks which lapsed at the end of 2013. More >
