All U.S. closely held businesses just received a warning from the highest court in the land that they should review their succession plans (or else risk a higher tax bill for the estates of their owners). On June 6, 2024, the...more
6/17/2024
/ Business Ownership ,
Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
IRS ,
Life Insurance ,
Redemption Agreement ,
SCOTUS ,
Shareholders ,
Small Business ,
Survivorship
On May 16, 2024, the Department of the Treasury and the IRS announced the release of Notice 2024-41, which clarifies the safe harbor for classification of project components created in Notice 2023-38 and provides a new safe...more
5/22/2024
/ Buy America ,
Clean Energy ,
Energy Projects ,
Energy Tax Incentives ,
Inflation Reduction Act (IRA) ,
Investment ,
Investors ,
IRS ,
Lenders ,
New Guidance ,
Safe Harbors ,
Tax Credits ,
Technology ,
U.S. Treasury ,
Wind Power
With interest rates nearly the highest they’ve been in decades, but property prices still high, sellers and buyers are looking for ways to finance real estate transactions while also availing themselves of IRC § 1031’s...more
11/28/2023
/ Buyers ,
Capital Gains Tax ,
Financing ,
Internal Revenue Code (IRC) ,
Investment Fund Vehicles ,
Investors ,
IRS ,
Lenders ,
Lien Notes ,
Noteholders ,
Real Estate Market ,
Real Estate Transactions ,
Section 1031 Exchange ,
Sellers ,
Statutory Trusts ,
Trustees
The Internal Revenue Service (“IRS”) recently granted employers a means to avoid interest and penalties on inappropriately taken Employee Retention Tax Credit (“ERC”) claims. This surely will come as a relief to taxpayers who...more
11/7/2023
/ Business Taxes ,
Eligibility ,
Employee Retention ,
Employer Liability Issues ,
Enforcement ,
Fraud ,
Income Taxes ,
IRS ,
Tax Audits ,
Tax Credits ,
Tax Preparers ,
Tax Reform ,
Tax Relief ,
Tax Returns
The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar...more
8/8/2023
/ Business Tax Credits ,
Business Taxes ,
CARES Act ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Employee Retention ,
Employer Liability Issues ,
Enforcement Actions ,
Fraud and Abuse ,
Internal Revenue Code (IRC) ,
Investigations ,
IRS ,
Payroll Taxes ,
Popular ,
Relief Measures ,
Tax Credits ,
Tax Fraud ,
Tax Relief ,
Tax Returns ,
Tax Scams ,
Wages