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If you run your business operations through two or more corporations, the different entities may share some of the same employees. In that case, you can save payroll taxes by using a “common paymaster.”
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If you own a business that produces something in the United States you may be eligible for the Domestic Production Activities Deduction also known as DPAD. Businesses engaged in any of the following activities should review their tax returns for this deduction.
Do you feel like you’ve been paying too much in income tax? Maybe you have! On May 18, 2015 the US Supreme Court ruled, in the Wynne Case (Comptroller v. Wynne), that a portion of Maryland’s income tax law was unconstitutional. The state will be required to issue refunds...
Whenever you sell a business or an investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception to this and allows you to postpone paying tax on the gain if you organize...
Restricted stock awards are a popular replacement for stock option grants. The reason is that the awards typically retain their value if the price of the stock drops. The company simply needs to award additional restricted shares. Stock options on the other hand lose most or all of their...
So you’ve gotten to the point where you are starting to think about your exit strategy. Most business owners would like to think that there is value in the business they have worked so hard to build and would like to monetize that value. Options you’ve considered include a...
E-filing is on the upswing. According to the Data Book released by the IRS on March 24, the agency collected almost $3.1 trillion in federal revenue and processed almost 240 million returns during fiscal year 2014. About 65 percent of all returns were filed electronically. Of the 147 million...
As you may be aware; the IRS has issued final repair regulations regarding the capitalization and depreciation of tangible property. The rules contained in these regulations are required to be reflected on your 2014 income tax return. Originally these regulations would have required the filing of several Forms 3115...
