by hoodlawkc | Tax Planning, Business Law, Business Planning, Tax Law
An important new set of reporting requirements is on the horizon for most business owners, including many people who own rental properties. On September 29, 2022 FinCEN issued final rules with respect to the Corporate Transparency Act, an underreported but impactful...
by hoodlawkc | Tax Planning, Tax Law
Greenbacks for Green Energy Clean Energy Tax Credits and Rebates in the Inflation Reduction Act President Joe Biden signed the Inflation Reduction Act into law. In addition to provisions such as increased IRS funding, tax increases on large corporations, and...
by hoodlawkc | Tax Planning, Tax Law
Wealthy taxpayers with particularly creative or aggressive tax reduction strategies may be concerned by the roughly $80 billion being added to the Internal Revenue Service’s budget over the next ten years, particularly with the roughly $45.6 billion allocated to...
by hoodlawkc | Tax Planning, Business Law, Business Planning, Tax Law
1031 Like-kind Exchanges: How the Treasury Revenue Proposals could affect the deferred gain[1] What is the Current Law? When owners of appreciated property that is used in a trade or business or is held for investment decide to exchange such real property for other...
by hoodlawkc | Tax Planning, Estate Planning, Tax Law
Grantor Trusts: What are the consequences of the Treasury’s Fiscal Year 2023 Revenue Proposals? [1] What is the Current law? If a grantor creates a revocable trust, or in some cases an irrevocable trust, and retains certain powers regarding the trust or the trust’s...
by hoodlawkc | Tax Planning, Tax Law
It is that time of the year when people determine whether they will receive a tax refund or owe a tax liability, and Taxpayers should be aware that the IRS is likely to step up their audit game this year due to the pandemic-inspired federal grant, loan, and tax-credit...
