Timing-
I had planned to post this piece during the third week of December, a day or so after the exchange between Senator Manchin and the White House sealed the fate of the Build Back Better plan, at least in its current...more
1/4/2022
/ Business Assets ,
Closely Held Businesses ,
IRS ,
Limited Liability Company (LLC) ,
New York ,
Partnerships ,
Pass-Through Entities ,
Private Equity ,
QSub ,
Reorganizations ,
Revenue Procedures ,
S-Corporation ,
SALT ,
Shareholders ,
Tax Increases ,
Tax Liability ,
Transfer Taxes
Haste Makes Waste?
How many of you are suffering from Build Back Better Fatigue? Seriously, it’s a thing.
Sure, the House passed its version of the President’s tax and spending bill on November 19, and the Senate...more
12/9/2021
/ Beneficiaries ,
Business Ownership ,
C-Corporation ,
Capital Gains Tax ,
Closely Held Businesses ,
Good Faith ,
IRS ,
Reorganizations ,
Restructuring ,
S-Corporation ,
Sale of Assets ,
Shareholders ,
Target Company ,
Tax Increases ,
Trustees ,
Trusts ,
Ways and Means Committee
Not Selling Your Business This Year?
Beginning shortly before the House Ways and Means Committee released its version of the President’s Build Back Better plan, several posts on this blog have explored the uptick in M&A...more
11/29/2021
/ Arms Length Transactions ,
Business Ownership ,
Buy-Sell Agreements ,
Corporate Taxes ,
Equity ,
Estate Tax ,
Fair Market Value ,
Family Businesses ,
Income Taxes ,
IRS ,
Life Insurance ,
Liquidity ,
Mergers ,
Partnerships ,
Shareholders ,
Stock Purchase Agreement ,
Tax Increases ,
Transfer of Assets ,
Ways and Means Committee
Tax the Rich?
A few days ago, an opinion piece that appeared in the Wall Street Journal began as follows:
“President Biden’s effort to pass the largest tax increase in U.S. history is based on the verifiably false...more
10/18/2021
/ Built-In Gains ,
C-Corporation ,
Congressional Budget Office ,
Corporate Taxes ,
Fair Market Value ,
Joe Biden ,
Limited Liability Company (LLC) ,
Liquidation ,
OECD ,
S-Corporation ,
Sale of Assets ,
Shareholders ,
Tax Increases ,
Taxable Income ,
Ways and Means Committee ,
Wealth Tax
First Step-
Last Wednesday, the House Ways and Means Committee approved that portion of the 2022 budget legislation with which it was tasked by the Congressional Budget resolution of August 24. The text of the bill...more
9/21/2021
/ Adjusted Gross Income ,
Business Assets ,
Business Income ,
C-Corporation ,
Capital Gains ,
Corporate Taxes ,
Estate Tax ,
Gift Tax ,
Grantor Trusts ,
Investors ,
Joe Biden ,
Limited Liability Company (LLC) ,
Liquidation ,
Qualified Small Business Stock ,
S-Corporation ,
Shareholders ,
Subsidiaries ,
Surtax ,
Tax Increases ,
Taxable Income ,
Valuation ,
Wealth Tax
Movement Toward Tax Increases-
You may have read last week that Democrats on the Senate Budget Committee announced they had reached a deal on a budget resolution that will enable them to bypass Senate Republicans on the...more
7/19/2021
/ 1099s ,
Budget Reconciliation ,
Business Expenses ,
Corporate Officers ,
Employment Tax ,
Federal Taxes ,
FICA Taxes ,
Form 941 ,
FUTA ,
Income Taxes ,
IRS ,
Joe Biden ,
Management Fees ,
Reasonable Compensation ,
S-Corporation ,
Shareholders ,
Spouses ,
Tax Court ,
Withholding Tax
I Read the News Today-
Much of today’s news is dominated by the future of the Administration’s broadly defined infrastructure plan. Discussions among “those in the know” inevitably turn into debates over the wisdom of...more
6/21/2021
/ Biden Administration ,
Closely Held Businesses ,
Infrastructure ,
IRS ,
Popular ,
S-Corporation ,
Shareholders ,
Split Dollar ,
Tax Court ,
Tax Policy ,
Tax Returns ,
Trusts
What A Ride-
No one anticipated that the Administration’s proposed tax increases would fly through Congress easily – at least no one residing in a state in which the recreational use of marijuana has not been legalized....more
6/14/2021
/ Bipartisan Agreement ,
Budget Reconciliation ,
C-Corporation ,
Closely Held Businesses ,
Corporate Taxes ,
Decriminalization of Marijuana ,
Department of Labor (DOL) ,
Employment Tax ,
FICA Taxes ,
Financial Adviser ,
Infrastructure ,
IRS ,
Joe Biden ,
Limited Liability Company (LLC) ,
Marijuana ,
Medicare ,
Net Investment Income ,
Partnerships ,
Pass-Through Entities ,
Popular ,
Reasonable Compensation ,
S-Corporation ,
Shareholders ,
Social Security Taxes ,
Wealth Tax
Tax Gap-
In a report released last week, the U.S. Treasury Department explained that the so-called “tax gap” – i.e., the difference between the amount of federal income taxes owed by taxpayers for a taxable year and the...more
5/25/2021
/ Audits ,
Business Expenses ,
Business Losses ,
Business Taxes ,
C-Corporation ,
Capital Expenditures ,
Capital Gains ,
CCA ,
Closely Held Businesses ,
Enforcement ,
Income Taxes ,
IRS ,
Like Kind Exchanges ,
Long-Term Investment Funds ,
Net Investment Income ,
Partnerships ,
Pass-Through Entities ,
Real Estate Investments ,
S-Corporation ,
Shareholders ,
Tax Advice ,
Tax Deductions ,
Tax Increases ,
Tax Rates ,
Taxable Income ,
U.S. Treasury
The New York state budget deal announced yesterday includes a workaround of the temporary federal limit on state and local tax deductions (the SALT cap). The provision was part of Gov. Cuomo’s initial budget proposal in...more
4/7/2021
/ Business Income ,
Governor Cuomo ,
Income Taxes ,
IRS ,
Itemized Deductions ,
New York ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
Shareholders ,
State and Local Government ,
State Budgets ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Taxable Income