Publications for Tax Law
In sports, it is often said that, “The best offense is a good defense.” This adage holds true not only on the field of play, but also in business and in life.
IRC 642(c) Plans, referred to as “Pooled Income Funds” offer unique ways for participants to utilize tax favored deferred compensation.
On June 21, the United States Supreme Court reversed a 26-year old precedent set in Quill Corp. v. North Dakota ("Quill") by holding that businesses without a physical presence in a state may be subject to sales tax as a result of making sales into the state.
Criminals have increasingly targeted the information necessary to fraudulently obtain tax refunds in recent years. While this goal remains a constant, thieves are constantly developing new ways to obtain this information.
Following fierce debate, extensive negotiations, and votes - then re-votes - in Congress, on December 20, 2017, the U.S. Senate and U.S. House of Representatives approved the Tax Cuts and Jobs Act (“Tax Reform”), and sent a final bill to President Trump for his signature.
A recent Michigan Supreme Court decision has caused concern among many local taxing units as it potentially opens the door to more properties receiving exemptions as “charitable institutions.”
On December 22, 2017, the President signed into law the "Tax Cuts and Jobs Act" commonly referred to as "Tax Reform."
H.R.1, described as the “Tax Cuts and Jobs Act” (the “Act”) and commonly referred to as "Tax Reform", was signed into law by the President on December 22, 2017.
The Internal Revenue Service ("IRS") issued Revenue Procedure 2017-13 ("Rev. Proc. 2017-13"), which provides updated safe harbors from private business use for management contracts. Rev. Proc. 2017-13 clarifies, modifies, amplifies, and supersedes certain provisions of Revenue Procedure 2016-44 ("Rev. Proc. 2016-44").
Generally, an S corporation election is chosen to reduce exposure for federal self-employment tax and state entity-level tax. However, the benefits of an S corporation election can be accompanied by some unanticipated drawbacks.
John Mashni is an attorney with Foster Swift Collins & Smith, PC. As a former entrepreneur, business owner and manager, John has a deep understanding of the businesses he represents as well as the knowledge and savvy of a seasoned attorney. He helps clients do deals, protect assets and plan for the future through his practice. Here’s his recommended end of year to-do list for small business owners
Meet with your tax advisors
There may be last minute planning possibilities for 2016. Consult with your tax advisors while you still have time to act in 2016. You don't want to be scrambling on Dec. 31 (which is a Saturday this year).
This is a two-part series discussing year-end tax strategies available to reduce the tax liability of your business. This installment discusses the de minimis safe harbor election and bonus depreciation as two tax savings opportunities available in addition to Section 179.
This article is the first of a two-part series and discusses the deduction available under Code Section 179. Part 2 addresses ways the bonus depreciation rules and other farm-specific deductions can be paired with Section 179 for effective and powerful year-end tax planning.
While there is no “magic bullet” available to fix a large anticipated tax bill, there are several strategies available to businesses and entrepreneurs to turn ordinary purchases into tax saving deductions.
President Obama signed the American Taxpayer Relief Act of 2012. The Act made other lesser-known but important changes to the tax law that could affect you and your business. This article summarizes those changes.
The federal estate, gift, and generation-skipping transfer taxes have faced an uncertain future in recent years. As part of the "fiscal cliff," these transfer taxes were scheduled to revert to their 2001 levels, but were avoided following the enactment of the American Taxpayer Relief Act of 2012 on January 2, 2013.
As part of the 2010 Healthcare Reform Act, Code Section 501(r) of the Internal Revenue Code was added to provide that a hospital would lose its tax exemption unless the hospital meets five requirements.
In order to qualify for the agricultural use tax exemption, an entity claiming the exemption must satisfy two requirements. Read about the requirements here.
Federal estate tax is imposed on virtually all assets in which a decedent has any interest, including life insurance proceeds, after the assets exceed an exemption amount.
You might save on your employment taxes if your business is taxed as an "S Corporation."
The IRS has published guidance that might exempt your business from the new requirement to report the cost of health care on your employees' Forms W-2.
Effective January 1, 2012, the Corporate Income Tax will impose a flat 6% tax on the Michigan apportioned income of businesses that are taxed as C corporations for federal income tax purposes.
Investing in your business in 2011 may afford additional tax benefits.
State tax laws have not kept pace with the rapid growth of cloud computing.
Your venture capital investment may qualify for a new Michigan tax credit that is designed to encourage participation in venture capital funds and angel investor groups.
On February 17, 2011, Governor Rick Snyder proposed restructuring Michigan's tax system.
A listing of noteworthy federal income tax-related bond provisions that were enacted in the American Recovery and Reinvestment Act of 2009 (ARRA) or other past federal tax legislation.
U.S. exporters may be able to reduce their U.S. effective tax rate by establishing an IC-DISC.
The new health care reform law, the Patient Protection and Affordable Care Act, makes numerous changes to the tax law, including creating new taxes and credits, increasing other taxes, making insured health benefits taxable to the extent that they are discriminatory, modifying certain deductions, and changing the tax rules that apply to health savings accounts and spending arrangements.
The recently enacted Hiring Incentives to Restore Employment (HIRE) Act may benefit your business with tax savings.
A recent case decided by the United States Tax Court might help investors in limited liability partnerships (LLPs) and limited liability companies (LLCs) to deduct losses incurred by the LLPs and LLCs against income from other sources.
Several years ago, Congress permitted S corporations to sponsor employee stock ownership plans ("ESOPs").