Court Halts BOI Reporting Requirements for All Businesses
The IRS’s detailed review of ERC claims uncovers significant risks, leading to a continued moratorium, slow processing of lower-risk claims, and a call for filers…
Suppose you own property you intend to transfer to your loved ones. Perhaps you are considering giving your children an ownership interest in your principal residence. But before you act, review the tax consequences of your decision as tax laws include provisions involving sales to related parties.
As you might imagine, the IRS’s definition of a related party covers relatives like your children, grandchildren and siblings, but also applies to business entities you own. Here are several common situations you may encounter, and tips to help you avoid a tax surprise:
As you can see, transferring property to family members can get complicated and cause undue tax obligations if not handled correctly. So seek advice long before transferring key assets.
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The IRS’s detailed review of ERC claims uncovers significant risks, leading to a continued moratorium, slow processing of lower-risk claims, and a call for filers…
A tax planning guide for individual income tax planning and family tax planning strategies at 2024 year-end moving into 2025.
A U.S. federal tax planning guide for businesses for tax year 2024, including M&A tax planning and ASC 740 tax planning strategies.
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