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Business Tax & Financial Planning

Business Tax & Financial Planning

Exporters, Does An IC-DISC Still Make Sense?

In recent years, the interest-charge domestic international sales corporation (IC-DISC) has been a popular tax-reduction tool for exporters. Without going into detail, one of the IC-DISC’s most powerful tax-saving tools is its ability to convert ordinary income into...

Estate Planning and Business Succession Planning

Estate Planning and Business Succession Planning

The Lines Blur When a Family Business Comes Into PlayFor many business owners, estate planning and succession planning go hand in hand. If you’re the owner of a closely held business, you likely have a significant portion of your wealth tied up in the...

When Can You Deduct Business Meals?

When Can You Deduct Business Meals?

The Tax Cuts and Jobs Act (TCJA) eliminated most tax deductions for business-related entertainment, beginning in 2018. It also created confusion over the continued deductibility of business meals. Late last year, the IRS issued a notice clarifying that...

Matters of Interest

Matters of Interest

When are interest payments deductible? The Tax Cuts and Jobs Act (TCJA) has made a significant impact — both directly and indirectly — on the deductibility of interest expense. Here’s a quick review of where things now stand. 5 types of interest Interest expense...

New Rules for Those Filing a Form 1065 Partnership Tax Return

Rule changes affect the way the IRS audits all partnerships (and LLCs taxed as partnerships)by Brett Simpson, CPAThere are new rules pertaining to the way the IRS audits all partnerships (and LLCs taxed as partnerships) beginning with 2018 tax year...

Timing compensation in a changing tax climate

All eyes on Sec. 409A Many people expect to see significant tax reform in the near future now that Republicans are in control of Congress and President Trump is in office. Among the changes being discussed are reduced marginal tax rates for individuals, lower...

What It Means for Internet and Mail-Order Sales

What It Means for Internet and Mail-Order Sales

Supreme Court’s Wayfair DecisionIn its much-anticipated decision in South Dakota v. Wayfair, the U.S. Supreme Court ruled, by a 5 to 4 margin, that a state may require out-of-state sellers to collect sales and use tax even if they lack a physical presence...

Tax Topics: 0% Capital Gains, Research CR, Estate Plan Clause

Tax Topics: 0% Capital Gains, Research CR, Estate Plan Clause

Make the Most of the 0% Capital Gains RateIf you’re holding highly appreciated investments, there may be techniques you can use to avoid federal income taxes on the gain. High-income earners pay tax on long-term capital gains at rates of 15% or 20%, plus...

What’s The Right Structure for Your Business?

What’s The Right Structure for Your Business?

C Corporation vs. Pass-ThroughThe recent corporate tax cut has many pass-through business owners rethinking their choice of entity. The Tax Cuts and Jobs Act (TCJA) slashed the federal corporate income tax rate to a flat rate of 21% from a top rate of 35%,...

Are Your Business Interest Expenses Deductible?

Are Your Business Interest Expenses Deductible?

Before Congress passed the Tax Cuts and Jobs Act (TCJA), most business-related interest expense was deductible, although corporations couldn’t deduct interest paid to or guaranteed by a related party under certain circumstances. But for tax years beginning...

Material participation key to deducting LLC and LLP losses

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But, until recently, they also had a significant tax disadvantage: The...

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