Gift Tax Case Reopens Tax-Affecting Debate
Most U.S. businesses operate as so-called “pass-through” entities, including partnerships, limited liability companies (LLCs) and S corporations. Electing pass-through status allows these businesses to avoid entity-level taxes. Instead, taxes are paid at the level of the individual owners. For […]
Read More How to Structure a Business Asset Purchase with Taxes in Mind
Taxes are a major consideration in mergers and acquisitions (M&As). The parties generally can structure a business purchase as either: 1. An asset purchase. The buyer can purchase all or some of the assets of the business. 2. […]
Read More Tax Issues When Winding Up the Estate of a Loved One
When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent’s financial affairs. Surviving family members are […]
Read More Hall, Kistler & Company Announces Mid-Year Promotion and New Hire
Canton, Ohio – July 29, 2019 – Hall, Kistler (HK) is pleased to announce that Andrew (Andy) M. Griffin, CPA has been promoted from Supervisor to Manager. Andy practices mainly in the areas of accounting and audit and specializes […]
Read More IRS Issues Nonconventional Source Fuel Reference Price for 2018
The IRS has published the reference price under Code Sec. 45K(d)(2)(C). The credit period for the nonconventional source production credit under Code Sec. 45K ended on December 31, 2013, for facilities producing coke or coke gas (other than from petroleum […]
Read More IRS Updates 2018 Schedule D Instructions to Correct Worksheet Error
The IRS posted updated instructions for 2018 Schedule D (Form 1040), Capital Gains and Losses, that include a corrected worksheet. The revised worksheet corrects a rate error that may have calculated an incorrect tax liability for some investors. Anyone […]
Read More Congress acts to reform the IRS, enhance taxpayer protections
The U.S. Senate has passed, and President Trump is expected to sign into law, a broad package of reforms aimed at the IRS. Among other things, the Taxpayer First Act contains several new protections for taxpayers, along with provisions intended […]
Read More IRS wheels out additional guidance on company cars
The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are […]
Read More Federal Tax News
The Tax Cuts and Jobs Act (TCJA) financially hurts some children receiving military survivor benefits. The Congressional Research Service (CRS) recently issued a new report suggesting ways to fix the issue. The TCJA changed the calculation of the “kiddie tax” […]
Read More 5 Financial Tips for New College Graduates
Congratulations to the graduating class of 2019! As soon as a new graduate switches his or her tassel to the other side of the cap, it’s time to plan for the future — and there’s more to do than […]
Read More How Can Small Business Owners Reduce Social Security and Medicare Taxes?
If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare taxes from self-employed individuals. However, you may be able to […]
Read More House Approves Bipartisan IRS Reform Bill
The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years. IRS Reform The […]
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