Mar 01 IRS 2018 Tax Myths
With the 2018 filing season in full swing, the Internal Revenue Service offered taxpayers some basic tax and refund tips to clear up some common misbeliefs. Don't fall prey to these top 5 myths as you prepare your taxes....
Feb 02 The Tax Act and the Real Estate Industry
In December 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law. Included were changes to the Internal Revenue Code that impact taxpayers engaged in the real estate business, and those who otherwise own real estate. This must-read post takes you through some...
Jan 15 2017 Tax Legislation: What Individual Taxpayers Need to Know
At KRS, we’ve been tracking tax reform legislation closely. The new Tax Cuts and Jobs Act amends the Internal Revenue Code (IRC) to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. It is the most sweeping update to the U.S....
Sep 26 How Your 1031 Exchange Can Benefit from a “Zero” Deal
A 1031 exchange affords significant tax benefits to property owners. When that like kind exchange is done in the form of a zero cash flow purchase, the buyer can access cash from the exchange without triggering gain recognition. Here's what you need to know to...
Sep 12 IRS Form 5472: What Foreign-Owned Companies Need to Know to Avoid Penalties
Is your company doing business in the US market? If you’re not filing IRS Form 5472, you could face large penalties. When a foreign company decides to conduct business in the U.S., not only must it decide what legal entity structure to use, but after...
Jul 18 Prepare Now for Easier 1099s in January ’18
Now is the time to contact vendors for any missing W-9 forms, so that you have a less frenetic year-end. Our recommendations and tips for filing 1099s can make the process much easier for you. ...
May 10 What Is an UPREIT ?
An Umbrella Partnership Real Estate Investment Trust (UPREIT) can provide tax deferral benefits to commercial property owners. This post discusses the tax implications for UPREITs....
Feb 14 Consider Converting to an S Corporation to Avoid Taxes
If you have a closely held corporation that is set up as a C corporations, you need to consider electing to be taxed as an S corporation, where there is only one level of taxation. This post reviews S corporation eligibility requirements and points out...
Feb 02 Key Features of the Proposed Trump Tax Plan
President Trump has proposed a detailed tax plan that will revise and update both the individual and corporate tax codes. Here are some of the key plan elements that could affect individuals and small business owners, if enacted into law....
Jan 23 2017 NJ Tax Changes Business Owners Need to Know
In my last post I reported on key federal tax changes that small business owners need to know about. This post covers three significant tax changes in New Jersey: the sales tax decrease, Urban Enterprise Zone expirations, and estate tax changes....