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2018 – 06/25 – Choosing the best business entity structure post-TCJA

On the surface, the TCJA’s new, flat 21% income tax rate for C corporations may make choosing C corp structure for your business seem like a no-brainer. After all, 21% is much lower than the 37% top rate that applies to pass-through entities (such as partnerships and S corps). But C corps can still be subject to double taxation. And pass-through entity owners may be eligible for the TCJA’s new 20% qualified business income deduction. The best entity type for your business depends on its unique situation and your situation as an owner. Contact us to learn more.

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2018 – 06/05 – Factor in state and local taxes when deciding where to live in retirement

Thinking about retiring to another state? Consider state and local taxes. A state that has no personal income tax may appear to be the best option. But if you don’t also factor in property, sales and estate taxes, you could be hit with unpleasant tax surprises. Also look at what types of income a state taxes. Some don’t tax wages but do tax interest and dividends. Others offer tax breaks for retirement plan and Social Security income. And keep in mind the TCJA’s new $10,000 limit on the federal deduction for state and local taxes. Contact us to learn more.

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2018 – 06/15 – Which intangibles should private firms report following a merger?

Accounting for M&As under U.S. Generally Accepted Accounting Principles can require a lot of red tape. Fortunately, there’s a private company reporting alternative that exempts noncompetes and certain customer-related intangibles from being identified and reported separately on the balance sheet after a business combination. But it doesn’t apply to public companies or other types of acquired intangibles, such as trade names or patents. Contact us for help deciding whether this alternative could simplify your postacquisition financial reporting.

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2018 – 06/18 – 2018 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some key tax-related deadlines for businesses and other employers during Quarter 3 of 2018. JULY 31: Report income tax withholding and FICA taxes for Q2 2018 (unless eligible for Aug. 10 deadline). File a 2017 calendar-year retirement plan report or request an extension. SEPT. 17: If a calendar-year partnership or S corp. that filed an extension, file a 2017 income tax return. If a calendar-year C corp., pay third installment of 2018 estimated income taxes. Contact us for more about the filing requirements and to ensure you meet all applicable deadlines.

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2018 – 06/12 – The tax impact of the TCJA on estate planning

The massive changes the TCJA made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them by more than doubling the gift and estate tax exemption. Yet factoring taxes into your estate planning is still important. First, the higher exemptions are only temporary. Second, you still may face state estate tax. Third, tax-smart estate planning can reduce income tax. Questions? Contact us.

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2018 – 06/15 – Which intangibles should private firms report following a merger?

Accounting for M&As under U.S. Generally Accepted Accounting Principles can require a lot of red tape. Fortunately, there’s a private company reporting alternative that exempts noncompetes and certain customer-related intangibles from being identified and reported separately on the balance sheet after a business combination. But it doesn’t apply to public companies or other types of acquired intangibles, such as trade names or patents. Contact us for help deciding whether this alternative could simplify your postacquisition financial reporting.

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2018 – 06/11 – 2 tax law changes that may affect your business’s 401(k) plan

When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan balances have until their tax return filing due date (plus extensions) to repay the loan or contribute the outstanding balance to an IRA or other qualified plan and avoid taxes and penalties. 2) Beginning in 2019, limits on employee 401(k) hardship withdrawals will increase. Contact us to learn more.

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2018 – 06/05 – Factor in state and local taxes when deciding where to live in retirement

Thinking about retiring to another state? Consider state and local taxes. A state that has no personal income tax may appear to be the best option. But if you don’t also factor in property, sales and estate taxes, you could be hit with unpleasant tax surprises. Also look at what types of income a state taxes. Some don’t tax wages but do tax interest and dividends. Others offer tax breaks for retirement plan and Social Security income. And keep in mind the TCJA’s new $10,000 limit on the federal deduction for state and local taxes. Contact us to learn more.

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2018 – 06/08 – Auditing related-party transactions

Business owners generally prefer to work with entities they know and trust. But the risk of double dealing abounds when a company does business with its parent company, a subsidiary, the owner’s family members or other related parties. Such transactions are sometimes priced at less (or more) favorable terms than those in similar arm’s length transactions between unrelated third parties. Contact us for help finding, disclosing and reporting these transactions in a transparent manner that complies with U.S. Generally Accepted Accounting Principles.

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2018 – 05/29 – Saving tax on restricted stock awards with the Sec. 83(b) election

If you receive restricted stock from your employer, you may have a tax-saving opportunity: the Section 83(b) election. Income recognition for restricted stock normally is deferred until the stock is vested or you sell it, when you pay taxes on the fair market value at your ordinary-income rate. But if you make the Sec. 83(b) election, you recognize ordinary income when you receive the stock. This converts future appreciation from ordinary income to long-term capital gains income taxed at lower rates. We can help determine whether the election makes sense for you.

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