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Showing 8 posts tagged corporate and business tax.
Will Your Business Be Affected by Kentucky Revenue Bill Tax Reforms?
House Bill (HB) 8 has moved to the Kentucky Senate after being passed by the House of Representatives last week. This legislation seeks to transition Kentucky from its reliance on the current income tax-based model to a consumption-based model, gradually decreasing the income tax over the next several years. To replace the income tax revenue, HB 8 expands Kentucky’s 6% sales tax to a wider variety of services provided to consumers by Kentucky businesses. More >
When Should I Choose to Form a C Corporation Instead of An LLC?
Arguably, one of the most important decisions that will affect the ultimate success of a business, whatever its size, is the decision of how to incorporate that business. There is a fairly wide range of choices to choose from, from sole proprietorships on up to regular C corporations. A business entity that has seen a meteoric rise in usage in the past few decades is the Limited Liability Company (“LLC”), and for good reason – LLCs come with a host of advantageous characteristics that combine some of the best traits of several options available to business entities. LLCs combine limited liability for members with the flexibility to choose how they’re taxed, such as flow-through taxation akin to partnerships (e.g., no taxation at the entity level, as with regular C corporations). With the rise in the popularity of LLCs, however, it’s helpful to know when there are advantages to choosing the venerable C corporation form over the upstart LLC. More >
Tax evasion vs. tax planning/avoidance: knowing the difference is important
Last time, we began speaking about recent recommendations made by an international organization regarding tax avoidance which will reportedly make it harder for businesses to take advantage of tax law. As we noted, the recommendations raise the important question of the distinction between tax avoidance and tax planning. More >
1031 exchange: a business strategy to defer capital gains tax, P.2
In our last post, we began speaking about the potential for businesses to take advantage of tax law to defer capital gains tax on business property they want to relinquish. One important thing to point out, though, is that business owners who feel they may benefit from this tax strategy should always seek out professional help in doing so to ensure they have a thorough understanding of the process and that they avoid complications. More >
1031 exchange: a business strategy to defer capital gains tax
For businesses, it is important to be aware of strategies that can help decrease tax liability. In this post, we want to talk about one such strategy: 1031 exchanges, also called like-kind exchanges. This tax strategy essentially involves the exchange of a business or investment asset—usually, but not necessarily, real estate—for another. Corporate stock and partnership interests are not eligible for 1031 exchanges. More >
Could Your Business Qualify for a 179D Green Building Tax Break?
If your company has built a new facility or upgraded an existing one anytime in the past six years, you might find that you qualify -- at least partially -- for a tax break of up to $1.80 per square foot under federal tax code section 179D, or the energy efficient commercial buildings deduction. This could be the case even if you had no concrete intention to focus on green building standards at the time. More >
Did You Notify the IRS When Your Business Moved?
If your business or corporation has changed addresses in the past few years, are you certain the IRS was notified about your new address? If you’re not certain, you should check, or you could find yourself in an awkward situation if you’re ever involved in an IRS tax controversy. As a recent ruling by the U.S. Tax Court underscores, you could lose your right to challenge a federal tax lien if you missed the notification when it was misaddressed. More >
Who Holds the Keys to Your Office Building?
Making the leap from leasing to buying an office building can be daunting for business owners. After all, enduring the risks that come with owning a business is hard enough; venturing into the commercial real estate market can present a whole new set of hazards. However, the purchase of your own space can be highly profitable and advantageous. More >
