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Showing 29 posts tagged corporate and business tax.

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 >

International organization addresses issue of tax avoidance

At the beginning of the week, the Organization for Economic Cooperation and Development—an international organization founded to advise industrial nations on economic policy—proposed a plan to address what has become an important international issue: tax avoidance. The OECD, in response to a request to look at the tax rules international companies use to navigate tax planning, came up with recommendations which are supposed to address concerns about tax avoidance.  More >

Work with experienced attorney to navigate tax issues with stock sales

In our last post, we began speaking about the recent Tesla Motors stock sale announcement. As we noted, the company is hoping that the move will help expand its business presence, a task that has been somewhat challenging. More >

Managing tax liabilities: work an experienced legal counsel

For businesses, managing tax liabilities is an important ongoing task and businesses often go to great lengths to situate themselves so as to minimize their tax obligations. One of the challenges in tax planning, though, is that it isn’t always clear when a company may be doing the correct thing from a legal standpoint, or exactly what options a business has with respect to managing tax liabilities. Tax law, as is well known, is not always clear cut. 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 >

‘Jersey Shore’ star pleads not guilty to tax fraud

C’mon, admit it: you’ve watched at least a few minutes of MTV’s “Jersey Shore.” Okay, fine, not all of us have let our curiosity get the best of us, but for those who have, one of the main characters of the series is currently making headlines for a tax fraud case. Mike Sorrentino, whose nickname on the show was “The Situation,” is currently facing charges that he and his brother failed to pay $8.9 million of taxes between 2010 and 2012. More >

Kentucky DOR now required to release redacted letter rulings upon request

Letter rulings are written decisions issued by the Internal Revenue Service in connection with a taxpayer’s request for clarity on a particular tax issue. Because letter rulings are private, they bind only the taxpayer who makes the request. In other words, other taxpayers cannot rely on letter rulings for their own situation. The IRS is, however, able to redact the personal information from these rulings and classifying them as revenue rulings, which make the decision binding on all taxpayers and the IRS. More >

Burger King accused of trying to dodge taxes by moving tax base to Canada

In our last post, we spoke about Burger King’s recent decision to acquire Canadian coffee and doughnut franchise Tim Hortons. As we noted, some Canadians have expressed concern that the acquisition will mar the character of the beloved Canadian chain. Another issue that has come up in connection with the acquisition is Burger King’s decision to change its tax base from the United States to Canada. The switch should allow the burger chain to reduce its U.S. tax obligations. More >

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