Three Experts Convene to Answer and Discuss Pressing BV Issues On March 1, 2022, Jim Hitchner hosted a webinar that featured Michelle Gallagher and Z. Christopher Mercer. While the respective speakers provided some questions in anticipation of the webinar, the audience sent questions and these were answered. The unscripted webinar provided attendees an opportunity to assess what was foremost in the mind of ...

This annual update on recent developments in taxation on S corporations from The Tax Adviser includes cases and rulings on eligible shareholders, electing small business trusts, inadvertent S election terminations, and changes made by the law known as the Tax Cuts and Jobs Act. To read the full article in The Tax Advisor, click: Current Developments in S Corporations. ...

Help Clients Plan for the New Pass-Through Tax Deduction The new tax law includes a 20% deduction for some pass-through business income, but the specifics will vary depending on a client's circumstances.  The rules are fairly straightforward for clients with taxable income under certain thresholds: $157,500 for individuals and $315,000 for joint filers. To read the full article in ThinkAdvisor, click: The N ...

Understanding Both Sorts of Appraisal is Critical to Valuing Minority, Partial Interests in Holding Entities that Own Real Estate and Other Assets that are Gifted, Sold, or Otherwise Transferred   Randolph Glennon, MAI, CRE, MBA, and president of Eastern Appraisal & Consulting in Portland, Maine, explains in the New England Real Estate Journal why there's growing need for appraisers who understand both ...

Why Choosing Good Counsel to Help with Exit Planning Can Be the Most Important Decision a Business Owner Makes Venture Resources believes many business owners don’t fully appreciate the complexities and factors that are present in the deal structuring and business selling process, including understanding how to project the company’s future, applying alternate deal structures, and maximizing current business ...

Next Year’s New Medicare Tax Provides Another Incentive to form an S Corporation  Investors often use S corporations to minimize self-employment and Medicare taxes. Next year's new 3.8% tax on net investment income provides another incentive to form an S corporation. Thomas Wechter, JD, discusses in this article at The Tax Insider the new rules that take effect in 2013. ...

Congressional Democrats have proposed financing student-loan legislation by expanding payroll taxes on subchapter S corporations and partnerships. The bill would levy Social Security and Medicare taxes on all business income if the firm is engaged in professional services, such as investment advice, or if 75% or more of the gross income of the firm is attributable to three or fewer shareholders. Investment ...

S Corporation Rental Income Not Passive Except When It Is Peter J. Reilly reports at Forbes: Private Letter Ruling 201118011   A C corporation is a taxable entity.  Distributions that it makes to its shareholders are also, generally, taxable to them.  People who don’t want to pay tax twice on the same income will make an S election.  The shareholders are taxed on whatever the earnings are regardless of dist ...