Showing 53 posts in Tax.
Should You Convert Your Business to a C Corporation?
One of the biggest questions after the passage of tax reform is whether business owners should convert their pass-through entities to C Corporations to take advantage of the lower 21% tax rate. The answer to this question depends on your business goals. If your goal is to pass as much profit to yourself as possible, you should generally stick with the pass-through entity. Read More ›
Categories: Did you Know?, Tax
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How Long Can the IRS Audit?
The general rule is that the IRS has three years from the return's filing or due date, whichever is later, to audit a taxpayer. However, this rule is subject to several exceptions. Read More ›
Categories: Audits, Tax
Tax Reform is Coming
The Senate is anticipated to vote on its own tax reform bill in the near future. Read More ›
Categories: Tax
Projected Increase of Annual Gift Tax Exclusion
Each year a variety of items in the Internal Revenue Code are updated based on inflation, specifically the consumer price index. Read More ›
Categories: Income Tax, Tax
IRS Announces 2018 HSA Contribution Limits, Out-of-Pocket Maximums and HDHP Minimum Deductibles
The Internal Revenue Service recently released the 2018 cost-of-living adjusted amounts related to health savings account (“HSA”) contribution limits, out-of-pocket maximums and high deductible health plan (“HDHP”) deductibles. Each of the cost-of-living adjusted amounts is set forth below. Read More ›
Categories: Employee Benefits, Tax
Federal Tax Incentive for Film Production Expires
You may remember that in July 2015, Governor Snyder signed legislation bringing to an end Michigan’s controversial film incentive program. Another incentive program for film investors - this one embedded in the federal tax code - recently expired by its own terms on December 31st. Read More ›
Categories: Tax
IRS Reboots Previously Unsuccessful Private Debt Collection Efforts
This week, the IRS announced that it has selected four private debt collection contractors to begin collecting certain overdue federal tax debts, as required by Congress. The contractors include:
- CBE Group
1309 Technology Pkwy
Cedar Falls, IA 50613 - Conserve
200 CrossKeys Office park
Fairport, NY 14450 - Performant
333 N Canyons Pkwy
Livermore, CA 94551 - Pioneer
325 Daniel Zenker Dr
Horseheads, NY 14845
The contractors' efforts will begin in the spring of 2017, and will be focused only on debts that the IRS had stopped trying to collect. We note three important takeaways in the wake of this news. Read More ›
Categories: News & Events, Tax
Reevaluating Valuation: IRS and Treasury Propose Rules Restricting Valuation Discounts
On August 2, 2016, the IRS and U.S. Department of Treasury issued highly anticipated proposed regulations concerning the valuation of interests in certain family-controlled businesses for estate, gift and generation skipping transfer tax purposes. The proposed rules would curb the use of most discounts that are applied when valuing intra-family transfers. Read More ›
Categories: Compliance, News & Events, Tax
Tax Planning for Family Businesses
Was your tax bill higher than what you had wanted it to be this year? It may be time to consider either changing your business structure or your business operations to be more tax efficient. Learn some quick tips from Attorney Mike Zahrt in the short video below.
Categories: Compliance, Tax
Do I have to Pay a Fee for Filing My Taxes Late?
What penalties accrue if you don't make the deadline to file your taxes? If you are due a refund, there is no penalty if you file a late tax return; however, if you owe tax you will most likely owe interest and penalties on the tax you pay late. The IRS breaks down two penalties that may apply in this short article titled "Things You Should Know about Filing Late and Paying Penalties."
If you have questions about your taxes please contact one of Foster Swift's knowledgeable tax attorneys.
Categories: Compliance, News & Events, Tax
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