The tax impact of the TCJA on estate planning

The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for … Continued

Better Budgeting Means Better Business

Before awarding credit, lenders demand detailed budgets, including cash flow forecasts. They want realistic projections, not unfounded profit and revenue estimates. Cash flow projections are an important element for lenders because they show how you plan to repay the money. Even if your construction firm doesn’t need credit, a well thought-out budget, including cash flow … Continued

Farming Businesses: Nine Tips from the IRS to Help with Taxes

Farming Businesses: Nine Tips from the IRS to Help with Taxes Farming businesses encompass a wide range of operations. All individuals, partnerships, or corporations that cultivate, operate, or manage farms for profit, either as owners or tenants, are designated as farmers. The term “farm” includes livestock, dairy, poultry, fruit, and truck farms, as well as … Continued

Dividing Assets, and Tax Bills, in Divorce

When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple’s assets are split up in a divorce property settlement. State Law Is Important How assets are split up in a divorce depends largely on where the divorcing couple … Continued

New Tax Law Boosts Appeal of Qualified Small Business Corporations

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that’s acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. That translates into a 0% … Continued

New Study Reveals Costs, Means and Ways to Stop Fraud

Would you leave the front door unlocked to your business or not-for-profit organization? Of course not. That would give thieves easy access to your assets. Yet a surprising number of organizations don’t have strong antifraud controls in place to protect against dishonest people inside their organizations. And theft from insiders — also referred to as … Continued

Saving tax on restricted stock awards with the Sec. 83(b) election

Saving tax on restricted stock awards with the Sec. 83(b) election Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you … Continued

The TCJA changes some rules for deducting pass-through business losses

The TCJA changes some rules for deducting pass-through business losses It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders … Continued

International Tax Monthly June Issue

Coca-Cola’s Challenge to Huge Tax Bill Is Closely Watched The Coca-Cola Company is disputing a $3.3 billion tax bill related to transfer pricing. The case in U.S. Tax Court is being watched by tax experts and is considered a sign of increasing tension between tax authorities around the world and multinational corporations. According to media … Continued

Be aware of the tax consequences before selling your home

Be aware of the tax consequences before selling your home In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t … Continued