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Federal Tax Updates Archive

1031 Tax Exchange – Frequently Asked Questions

TweetShareSharePin0 Shares1031 Tax Exchange – Frequently Asked Questions After years of conducting tens of thousands of successful 1031 exchanges, we found that there are a number of frequently asked questions related to this type of transaction… Equity and Gain Is my tax based on my equity or my taxable gain? Tax is calculated upon the

Business Loans – 7 Reasons Not To Use A Bank

TweetShareSharePin0 SharesBusiness Loans – 7 Reasons Not To Use A Bank So you’re a small business owner and you need a business loan to further the objectives of your company. Where do you turn? When it comes to a business loan or commercial real estate loan, there are many good reasons NOT to turn to

Tax Filing Season: Options for Improvement

TweetShareSharePin0 Shares Tax Day came and went on April 18th with the regular tax filing deadline, and the Internal Revenue Service (IRS) is facing difficulties. It struggled to manage a deluge of 282 million calls made in fiscal year 2021, only answering 11 percent, and a backlog of several million returns from 2021 were left

Biden’s “Undertaxed Profit Rule” Would Complete US Adoption of BEPS Pillar 2

TweetShareSharePin0 Shares President Biden’s 2023 budget would replace the current 10 percent base erosion anti-avoidance tax (BEAT) on US subsidiaries of foreign corporations with a 15 percent minimum tax called the undertaxed profit rule (UTPR). Together with global intangible low-tax income (GILTI) regime reforms proposed earlier, the UTPR would fully align the US corporate tax

A Climate-Only Bill, A Fed Confirmation, An Affirmed Power

TweetShareSharePin0 Shares Manchin’s latest. Sen. Joe Manchin is attempting to negotiate a broad-based bipartisan energy bill that would include incentives for short-term production of oil and gas combined with new tax subsidies for alternative energy. At the same time, Manchin is looking to separate that bill from social spending and other tax provisions that once

Should You Use An LLC For Your Small Business?

TweetShareSharePin0 SharesShould You Use An LLC For Your Small Business? Accountants and attorneys love limited liability companies. But do limited liability companies—LLCs for short—really make sense for small business owners. Probably. And for two almost unknown reasons. The Big Legal Benefit of an LLC: Limited Liability… The big legal benefit of an LLC is that

The Weekly (Tax)Buzz – April 27, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – April 27th, 2022 If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from

Should the Government Compensate the Clients of TAT?

TweetShareSharePin0 SharesShould the Government Compensate the Clients of TAT? This, of course, is a political decision. There is no “right” thing to do. Even the IMF imperatives are not sacred. Sometimes, inflationary goals should be sacrifice to avoid the total collapse of the banking system and, with it, the economy as a whole. Unfortunately, a

Flat Tax Revolution: State Income Tax Reform

TweetShareSharePin0 Shares In more than a century of state income taxes, only four states have ever transitioned from a graduated-rate income tax to a flat tax. Another four may adopt legislation doing so this year. In what is already a year of significant bipartisan focus on tax relief, 2022 is also launching something of a

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