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Four Important Employer Tax Credits for 2020

As 2020 draws to a close—finally—employers may take advantage of several tax credits for employee wages. Consider these four tax-saving opportunities created by recent tax legislation. 1. Family and medical leave credit: This credit,…
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Expanded tax benefits help individuals and businesses give to charity during 2020

WASHINGTON – The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted…
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The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property

WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations PDF relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also…
WXC Corporation Miami

What is a Series LLC and why your clients should care

A slowdown in the economy means your clients may have some time on their hands to get their businesses better organized. One option you might suggest is for them to better  protect their assets by setting up a series limited liability company…

401(k) contribution limit increases to $19,500 for 2020

WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This…

Employee or Contractor? Have Uber and Lyft Finally Crossed The Line?

In the last few years, it has been common for companies to treat, what would otherwise be employees, as contractors.  The reason, is simple.  As an employee of a company, the employer has to withhold 7.65% in FICA from their employees.  In…

1031 Exchanges May Help Real Estate Investors

1031 Exchanges May Help Real Estate Investors Transition to a Less Active Role. For many real estate investors, there comes a point in their lives where they no longer want to be bothered with the headaches that come with actively managing…
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IRS finalizes centralized partnership audit regulations

The IRS on Friday issued final regulations (T.D. 9844) that implement the centralized partnership audit regime that now governs partnership audit procedures. The final regulations affect partnerships for tax years beginning after Dec. 31,…
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Some S corporations may want to convert to C corporations

After last year’s tax reform legislation, some S corporations may choose to revoke their S election to be a C corporation because of the new, flat 21-percent C corporation tax rate. Before taking any action, S corporations should consult their…