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Businesses that need real estate to conduct operations, or otherwise hold property, traditionally have put the title to the property in the name of the business itself. But owners are increasingly rethinking this approach. Many are recognizing that any short-term benefits may be outweighed by the… Read more
There's a harsh tax penalty that you could be personally responsible to pay if you own or manage a business with employees.
As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and opportunities available to them on their 2021 federal income tax returns. Tax savings increases after-tax cash flow and can mean…
The Biden Administration has proposed to modernize certain tax rules relating to securities, including nonrecognition rules applicable to certain securities lending transactions and the mark-to-market rules under Section 475, to extend them to cryptocurrencies and other digital assets. The tax…
Many existing businesses pivoted from their regular operations into a different sort of enterprise during the COVID-19 pandemic. For example, a distributor of consumer goods may have shifted into medical supplies to help fill a void. Interestingly, some businesses that made a move emerged in…
Noncompete agreements are commonly included in business purchase transactions to prevent the seller from competing against the buyer for the term of the noncompete agreement. These arrangements are also sometimes called covenants-not-to-compete or noncompete covenants.
How would you feel about taking a cross-country road trip without knowing the amount of gas in your tank, your engine's temperature or your oil pressure? That's why you have an instrument panel on your vehicle's dashboard. Your business can have a dashboard, too, that features key performance…
More than 20 states now allow pass-through entities (PTEs) to elect to be taxed at the entity level as a workaround to the $10,000 federal state and local tax (SALT) deduction limitation known as the “SALT cap.” Legislation that would enact similar elective PTE tax regimes is pending in several…
If you're lucky enough to own a vacation home, you might wonder about the optimal ownership structure for the property. For rental real estate properties and real estate held for investment, such as raw land, good choices are single-member and multi-member limited liability companies (LLCs). But the…