Tax Articles
Treasury, IRS Release Final Regulations on Transfer of Certain Energy Tax Credits
Posted by Kristin Re’ on May 28, 2024
The Department of the Treasury and the IRS on April 25 released long-awaited final regulations (T.D. 9993) related to the transfer of certain credits under Internal Revenue Code Section 6418, added by the Inflation Reduction Act (IRA), which describes rules for the election to transfer eligible credits in a taxable year.
Is Switching Your Business from a C to an S Corporation a Good Idea?
Posted by Kerry Roets on May 27, 2024
For business owners contemplating a transition from a C corporation to an S corporation, it’s important to be aware of the tax implications that could arise. Here are four key tax considerations to keep in mind during the conversion process.
Planning for Assets with Sentimental Value
Posted by Amanda Wojtkowski on May 23, 2024
In estate planning, “tangible personal property” encompasses items like jewelry and antiques, which, despite their emotional value, can cause disputes among heirs. To prevent conflict, it’s advisable to designate specific items to particular beneficiaries in your will or trust.
Strategic Tax Considerations for Business Acquisitions
Posted by Cory Van Deusen V on May 20, 2024
When acquiring a business, it’s crucial to consider the tax implications of the transaction’s structure. Proper planning can optimize tax outcomes post-acquisition.
How to Use Debt to Lower Taxes for a C Corporation
Posted by Brian Kern on May 13, 2024
For closely held C corporation shareholders, incorporating third-party or owner debt into your capital can be tax-efficient due to lower income tax rates and avoiding double taxation on dividends. Consult with us for tailored advice.
Ensuring Compliance in Conservation Easements: IRS Oversight and Implications
Posted by Cheryl A. Jankowski on May 09, 2024
Conservation easements are a useful way for taxpayers to lower their income and estate taxes while keeping ownership and use of their properties. They have been widely used in estate planning for a long time.
Optimizing Your Children’s Inheritance: The Case for a Unified Trust
Posted by Isabella Newman on May 02, 2024
Establishing trusts for your children is an important strategy for ensuring their financial security.
Federal Income Tax of an Appreciated Vacation Home
Posted by John Anderson on April 30, 2024
What are the federal income tax implications associated with selling an appreciated vacation home?
Deducting Partnership Business Expenses
Posted by Kerry Roets on April 29, 2024
Partnership owners may incur costs associated with client entertainment, transportation for meetings, professional development materials, and home office expenses. How are these expenses deducted?
Including Mental Health Directives in Your Estate Plan
Posted by D’Marie Kleeman on April 25, 2024
Many make considerations for potential physical incapacitation in their estate plan, but it's equally important to address any mental health illnesses with advance directives.