Archive for Pass-Through

ALMOST HERE – Free Webinar: Avoid These Four Costly Tax Planning Mistakes

Almost Here – Free Webinar: Avoid These Four Costly Tax Planning Mistakes

This coming Thursday, on May 16th at Noon CDT, please join Tax Forum for a complimentary Webinar:

Avoiding Costly Mistakes: Four Essential Tax Concepts for the Business Attorney or CPA

Even smaller matters might have big traps and significant tax implications – leading to unexpected tax liabilities for your clients and potential malpractice claims for the professionals.

During this one-hour webinar, the Tax Forum team of Chuck Levun, Michael Cohen and Scott Miller will provide a top-level look at …

  • Converting an existing S corporation to an LLC on a tax-free basis to obtain “charging order” protection
  • Simple business structuring to circumvent the $10k deduction limitation for the portion of state and local income taxes attributable to partnership/LLC and S corporation income
  • How not to cause your client to be one of the estimated 500k+ LLCs that incorrectly thought it was going to be taxed as an S corporation but, because of certain language contained in its operating agreement, is not an S corporation
  • Personal goodwill and the C corporation business sale – identifying situations in which double tax can be avoided

Any one of these could make the difference between you being a hero or creating a significant problem for your clients.

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Written by | Posted in Free Tax Webinar • Partnerships • Pass-Through • Pass-Through Entities • Tax Forum

Assistant Tax Manager, Pass-through Entities (San Francisco, CA)

Assistant Tax Manager - Pass-throughs, San Francisco, CA

Assistant Tax Manager (San Francisco, CA)

TaxConnections has been retained to locate an Assistant Tax Manager responsible for assisting the Director of Tax, Pass-Through Entities and the Senior Tax Manager in managing the tax planning and compliance functions for multiple business lines and other investments owned by family.

Primary emphasis is on tax compliance, planning, and support for Fremont’s pass-through entities.  Understand and apply the current tax laws and regulations including the tax implications of investment partnership structures and real estate development and operations.  Identify and communicate issues, positions, and opportunities both orally and in writing to management.  Manage members of the tax accounting staff.

Responsibilities include the following:

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Written by | Posted in Pass-Through

Tax Reforms Impact On Business Entities: C- Corps, Pass-Throughs

Haik Chilingaryan, C- Corps, S-Corps, Tax Lawyer

Prior to tax reform, the C-corporation tax rates ranged from 15 to 35 percent. Under the new law, there is a 21% flat rate. Also under the new law, there is this new deduction known as the Qualified Business Income deduction that is available for Pass-Through Businesses.

Synopsis

The Tax Cuts and Jobs Act of 2017, otherwise known as the GOP tax reform bill, largely went into effect on January 1, 2018. If utilized properly, the new law can be significantly beneficial for business owners. To understand how the new laws can be beneficial for business owners, it’s important to be familiar with the two types of businesses that can have an impact on the taxation of a business entity.

Taxation Of A Business Entity

One way is for the entity to be structured as a C-corporation, in which case the income generated from the business may be taxed twice. For example, the corporation gets taxed at the corporate level upon earning a profit, then after the corporation makes a distribution to the shareholders, the shareholders also pay taxes on their individual tax returns. This concept is known as double-taxation. Under the new law, all the C-corporations will pay a 21% tax on their corporate profits.

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Written by | Posted in C- Corporation • Pass-Through • TaxConnections