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Immediate Deductions: New Tax Savings for Business Purchases

Building Savvy

Immediate Deductions: New Tax Savings for Business Purchases
There’s never been a better time to purchase equipment and other assets for your business, at least as far as the IRS is concerned. That’s because both Section 179 deductions and the new bonus depreciation deductions have been greatly expanded under the Tax Cuts and Jobs Act of 2017. The move could result in immediate and complete tax savings on purchases and improvements your business needs to thrive.

Yes! Your Taxes Can Wait

Building Savvy

  • 11 September 2018
  • Author: Alexander Carr
  • Number of views: 0
  • 0 Comments
Yes! Your Taxes Can Wait

Hidden in the massive new tax code is a tiny change allowing more builders to defer a substantial amount of taxes. The change has to do with the special accounting methods allowed for certain contractors. Overlook it, and you could be throwing money away. 

Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%

  • 24 April 2018
  • Author: Alexander Carr
  • Number of views: 1029
  • 0 Comments
Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%
Lawsuit settlements just became more profitable…for the IRS. Under the new tax code

, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those cases, the plaintiff will be taxed on the fees paid to the attorney and so will the attorney who receives them!

Exiting Your Business? Take This Advice from Fellow Entrepreneurs

  • 24 October 2017
  • Author: Alexander Carr
  • Number of views: 1608
  • 0 Comments
Exiting Your Business? Take This Advice from Fellow Entrepreneurs

Whether you’ve owned your business for decades and are ready to retire or are looking to sell a growing new venture, exiting a business is tough. The experience can be fraught with many financial and emotional setbacks, even for those who thought they had masterfully choregraphed every single step. We asked some of our favorite entrepreneurs to share their experiences from past exits—what they wish they had known and what they could have handled better. We’re grateful for their candid advice and hope that it helps you plan your next chapter.

Law Firm Partnership Audits Are About to Change

  • 28 September 2017
  • Author: Alexander Carr
  • Number of views: 2721
  • 0 Comments
Law Firm Partnership Audits Are About to Change

An entirely new centralized partnership audit regime has finally replaced 1982’s TEFRA partnership procedures when it comes to partnership audits. The new rules, which are part of the Bipartisan Budget Act of 2015 (BBA), apply to partnership tax years beginning January 1, 2018. Partnerships can elect to apply them to returns dated as early as November 2, 2015.

How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

  • 24 July 2017
  • Author: Alexander Carr
  • Number of views: 3466
  • 0 Comments
How the IRS Weighs “Reasonable” Versus “Reckless” When Payroll Taxes Go Missing

At face value, it seems the IRS has a very low barrier to personally penalize a member of business management when payroll taxes withheld from employee paychecks (called trust fund money) aren’t submitted to the IRS. Time after time, the IRS seems to win these cases. What it really comes down to is whether the stakeholder knowingly and recklessly disregarded the risk of non-payment. It’s why a Seinfeld icon and soup mogul was recently on the hook for back taxes (read that story here) and why tax practitioners rarely seem optimistic when the IRS claims a trust fund penalty is due. However, a recent case shows there is light at the end of the tunnel and that light is called “reasonable belief.”

Why “Pleading the Fifth” Doesn’t Work in Tax Cases

  • 11 July 2017
  • Author: Alexander Carr
  • Number of views: 4007
  • 0 Comments
Why “Pleading the Fifth” Doesn’t Work in Tax Cases
From corporate leadership to government officials, it seems invoking the Fifth Amendment and declining to provide information during legal proceedings has

become popular. But if you assume the tactic can be used as a defense for not filing taxes, think again.

Time To Consider Payroll Help?

Building Savvy

Time To Consider Payroll Help?
Maintaining control of your books and your payroll not only helps you avoid steep IRS penalties, but it can also help you find money you left on the table with unnecessary taxes or even uncover underlying employee mismanagement or fraud.

Sales Tax Trap For Builders

Building Savvy

Sales Tax Trap For Builders
As you start a project, you’re faced with a critical tax question: Will I need to pay sales and use taxes on this work? The taxability for a building contractor on each project is based on three main factors.

Hulk Hogan's Litigation Financing Lessons

Hulk Hogan's Litigation Financing Lessons

In April, we introduced the growing trend of third-party litigation financing to help offset the cost of litigation. Since then a specific case has catapulted the idea into the mainstream. The Wall Street Journal recently reported that Peter Thiel, founding investor in PayPal and Facebook, has provided about $10 million to support pro-wrestler Hulk Hogan in an invasion-of-privacy lawsuit against Gawker Media

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