“The board is set. The pieces are moving. We come to it at last.”
With these words, Gandalf the White acknowledged that the decisive battle for control over Middle Earth had been joined.[i]
So it is now for the
Tax Law for the Closely Held Business
Legal Updates & Commentary for Tax & Estate Planning
The blog "Tax Law for the Closely Held Business," published by Farrell Fritz, P.C., focuses on tax issues specifically affecting closely held businesses. It covers topics such as corporate tax strategies, tax implications of business structures, deferred compensation, estate and trust taxation, and the tax treatment of related-party transactions. The blog also addresses regulatory developments, IRS rulings, and legislative changes impacting business taxation. Additionally, it discusses planning techniques to optimize tax outcomes for business owners and shareholders, including considerations for insurance arrangements, compensation, and business succession.
Latest from Tax Law for the Closely Held Business - Page 4
Should Business Corporations Be More Charitable?
Today’s post briefly explores whether the term “corporate charity” is an oxymoron. It also tries to provide a framework for evaluating whether certain “charitable” activities should be undertaken by a business corporation. It is predicated, in no small part, upon…
Virus to Economic Shutdown to Bankruptcy? Not Necessarily, But Be Prepared
Bankruptcy Resurgent?
The economic shutdown, and the ensuing recession, triggered by the COVID-19 pandemic have jeopardized the survival of many businesses and, in some cases, of entire industries.
Notwithstanding the Federal government’s efforts to mitigate the adverse consequences of this…
An S Corporation in New York City: Eschew Obfuscation – Or Not
NYC: A “Helluva” Town, for S corps[i]
Of late, I’ve received a surprising number of inquiries regarding the taxation of S corporations doing business in New York City (“NYC”).
As many of you know, NYC does not recognize Federal…
The Federal Anti-Deferral Rules for Foreign Income –Just a Reminder, There’s No Easy Way Out
It’s Complicated
Coming to grips with the U.S. tax treatment of the foreign-sourced income of a closely held domestic business, and of commercial transactions involving such a business and its related foreign entities, may be intimidating not only for the…
Wealth Inequality, COVID-19, Recession, The 2020 Election & The Estate Tax
Out of New York, But Still Being Taxed By New York? Look to the Source
New York Diaspora?[i]
Like most every other state in the Union, New York has experienced its share of fiscal stress over the last few decades. The source or cause of its problems? Well, that may depend upon the respondent…
Compensating Management with Equity In the Post-COVID World
Business is back . . . Sort of
As the country begins its hoped-for recovery from the disruptive economic effects of the COVID-19 virus – or, more accurately, from the measures implemented by government to contain the spread of the…
Liquidating Trusts, Reopening the Economy, and Creditors’ Rights
Bad Times
Of course, you’ve noticed that we’re in the midst of an economic mess. The nearly complete shutdown of large segments of the U.S. economy beginning in March, in response to the COVID-19 crisis, both accelerated and greatly aggravated…
The Like-Kind Exchange of “Real Property” According to the Proposed Regulations
The Taxable Exchange
As a general rule, a taxpayer’s exchange of one property for another property is treated as a taxable event; the gain realized by the taxpayer – meaning the amount by which the fair market value of the…