It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS.
Paying spouses will argue that, without the benefit of the alimony deduction, they can’t afford to pay as much as under previous rules.
This article provides both general and business-specific tax document retention guidelines.
When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to $10 million.
The Tax Cuts and Jobs Act has given business owners much to think about, including whether to change the structure under which their companies operate.
Generally, profits from selling assets such as securities and real estate held in taxable accounts are classed as long-term if the holding period was longer than one year.
Your principal residence is probably a valuable asset, so you should be confident your homeowner’s insurance can protect you against multiple perils.
They can take qualified charitable distributions from their IRAs and effectively reduce their income in a maneuver solidly supported by the tax code.
First, a corporate income tax applies to the company’s profits. Second, any dividends that pass to you and other shareholders will be subject to personal income taxes.
During the past summer the IRS issued final regulations concerning partnerships audits. The new regulations are effective for partnership tax years beginning after December 31, 2017.
