Tax Gap-
In a report released last week, the U.S. Treasury Department explained that the so-called “tax gap” – i.e., the difference between the amount of federal income taxes owed by taxpayers for a taxable year and the...more
5/25/2021
/ Audits ,
Business Expenses ,
Business Losses ,
Business Taxes ,
C-Corporation ,
Capital Expenditures ,
Capital Gains ,
CCA ,
Closely Held Businesses ,
Enforcement ,
Income Taxes ,
IRS ,
Like Kind Exchanges ,
Long-Term Investment Funds ,
Net Investment Income ,
Partnerships ,
Pass-Through Entities ,
Real Estate Investments ,
S-Corporation ,
Shareholders ,
Tax Advice ,
Tax Deductions ,
Tax Increases ,
Tax Rates ,
Taxable Income ,
U.S. Treasury
Ask the owner of a closely held business to describe their most recently recurring nightmare and you are likely to get an earful regarding the prospect of an increased federal income tax on their profits, an increased federal...more
5/17/2021
/ Biden Administration ,
Bona Fide Purchaser ,
Capital Gains ,
Cash Transactions ,
CCA ,
Closely Held Businesses ,
Estate Tax ,
Fair Market Value ,
Federal Taxes ,
Income Taxes ,
Investigations ,
IRS ,
Joe Biden ,
OCC ,
Promissory Notes ,
Tax Advice ,
Tax Deferral ,
Tax Increases ,
Tax Liability ,
Unsecured Debt
A Night to Remember?
Did you listen to the President’s speech last Wednesday? He addressed a joint session of Congress to pitch the Administration’s $1.8 trillion American Families Plan. Due to COVID-related...more
5/3/2021
/ Capital Assets ,
Capital Gains ,
Closely Held Businesses ,
Corporate Taxes ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
IRS ,
Joe Biden ,
Liquidity ,
Qualified Small Business Stock ,
Tax Cuts and Jobs Act ,
Tax Fraud ,
Tax Liability ,
Taxable Income ,
Wealth Tax
“Yeah, I’m the Tax Man”
Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual...more
4/26/2021
/ American Taxpayer Relief Act of 2012 (ATRA) ,
Baby Boomers ,
Budget Reconciliation ,
Business Assets ,
Business Ownership ,
Business Taxes ,
Capital Gains ,
Census ,
Closely Held Businesses ,
Deferred Compensation ,
Depreciation ,
Economic Downturn ,
Income Taxes ,
IRS ,
Joe Biden ,
Loans ,
Pass-Through Entities ,
Personal Property ,
Popular ,
Retirement Funds ,
Tangible Property ,
Tax Deductions ,
Tax Increases ,
Tax Reform ,
Tax Relief Act of 2010 ,
Tax-Free Transfers ,
Taxable Income