by Susan Balcomb | Sep 17, 2018 | Tax Planning
It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity?...
by Susan Balcomb | Sep 14, 2018 | Tax Planning
Planning your estate and wondering how the proposed law will affect it? The Tax Cuts and Jobs Act would increase the base exclusion amount to $10 million for 2018 (indexed for inflation). It would repeal the estate and generation-skipping transfer taxes for estates of...
by Susan Balcomb | Sep 11, 2018 | Tax Planning
Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2016 filing or planning...
by Susan Balcomb | Sep 7, 2018 | Tax Planning
It’s common for a business to own not only typical business assets, such as equipment, inventory and furnishings, but also the building where the business operates — and possibly other real estate as well. There can, however, be negative consequences when...
by Susan Balcomb | Jul 18, 2018 | Tax Planning
For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which...
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