Tax

Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax…

The Bipartisan Budget Act of 2015 (BBA) created a new centralized partnership audit regime effective for taxable years beginning on or after January 1, 2018. Under IRC Section 6223(a)  partnerships that can’t (or can, but don’t) elect out of the…

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property…

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions, and the credit is only available for two…

Many taxpayers (and accountants) are astonished by the errors in the Tax Cuts and Jobs Act (TCJA) and find themselves wondering when legislative fixes will be put in place. Adding to the frustration is Congress’ failure to pass the traditional…

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy…

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down…