Several state tax authorities have announced various relief provisions for businesses and individuals impacted by the Coronavirus. In many cases, the provisions are an emphasis of relief provisions already available such as extensions to file
On Friday the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act. The legislation will be voted on by the Senate this week. This act has bi-partisan support and is expected to pass quickly. Once enacted, this bill has implications for many of our clients.
Taxpayers are likely wondering why the federal government is extending the time to pay taxes, but not extending the time to file taxes. Filing an extension is an easy process and can be done very easily by practitioners electronically through their tax software.
Source: RSM US LLP.
Partnerships (and LLCs taxed as partnerships) are common vehicles for the portfolio companies that private equity funds acquire.
Many Owners of partnerships, S Corporations, sole proprietorships, and rental real estate ventures can now earn up to 20% of their Qualified Business Income (“QBI”) tax-free through the QBI deduction.
After more than four years in the draft proposal stage and federal lawsuits, Congress recently enacted new overtime rules for white-collar workers.
When business owners have divergent goals, Section 1031 contains several provisions for like-kind exchanges and installment sales that can be used to satisfy all parties involved. Proactive tax planning can minimize and delay taxes due while allowing members to pursue their desired outcome.
One recently overlooked item of the Tax Cuts and Jobs Act for companies involved with a syndicate or tax shelter is business interest expense limitation. Don’t be caught off guard. Proper planning and reporting can help preserve your current year deduction.
While a club may be tax-exempt, it may be subject to tax on its unrelated business activities. Read on to learn more as well as to download PBMares' “Member Function Questionnaire” for help in gathering the information required by the IRS.
Washington, D.C. officials helped bring baseball back to the nation’s capital in 2008 by establishing a Baseball Fee. Initially, only businesses with a physical connection to the district had to pay the fee. However, businesses now have to pay it if revenues from services were delivered to customers located there, regardless of where the service was actually performed.
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