Business Succession Planning
…taxes: SALT workarounds Under the Tax Cuts and Jobs Act (TCJA), up to $10,000 of state and local taxes paid can be deducted on federal income tax returns. The Pass-Through…
…taxpayer to retain the certification for tax recordkeeping purposes To claim the tax credit for property placed in service after December 31, 2024, the manufacturer must provide a “qualified product…
…after the rehabilitation is completed. Taxpayers qualifying for a federal credit may also qualify for a Virginia tax credit. Virginia’s Historic Rehabilitation Tax Credit program has played an essential role…
Real estate and construction industry tax planning insights for 2022 and beyond There are some new and potential tax changes on the horizon that will likely impact real estate and…
…a seller, understanding the tax implications associated with goodwill is crucial. This article delves into the tax treatment of goodwill in transactions structured as asset sales from both perspectives, explores…
…to hereafter as service businesses) unless the taxable income of the individual taxpayer is less than $207,500 for a single filer or $415,000 for a joint filer. Taxpayers operating a…
…acquire the new rental property without paying tax on the insurance proceeds or on the proceeds from the sale of the lot. Tax savings opportunity Our client can accomplish their…
…the use tax directly to the Department of Taxation. Consumer use tax returns must be filed only when there is tax to report. Virginia Department of Taxation auditors check on…
…unexpected taxable income, gift tax, or both. To help avoid these negative tax consequences, consider taking the following steps before lending money. 1. Keep records of the intrafamily loan. You…
…appropriate agency: Form 941, Employer’s QUARTERLY Federal Tax Return (or Form 944, Employer’s ANNUAL Federal Tax Return) Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return Form VA-6, Employer’s Annual…
…Tax disadvantages to self-employment Payroll taxes enacted under the Federal Insurance Contributions Act (FICA) include a 12.4% Social Security tax and a 2.9% Medicare tax. Additionally, there is a 0.9%…