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LLC vs. LP vs. S-Corp: A Guide for Business Owners
June 04, 2024 |

When comparing a Limited Liability Company (LLC), a Limited Partnership (LP), and an S Corporation (S-Corp), it is essential to consider their differences in terms of structure, liability, management, and taxation for different business needs. Each entity type offers distinct advantages and ...
Private Equity – Tax Reporting Requirements and Considerations
May 28, 2024 |
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When determining their tax reporting and compliance requirements, there are many factors that private equity firms must consider. Private equity firms are setup as tiered structures, generally with four levels: the portfolio investment level, the investor level, the fund level, and the fund manager ...

Understanding IRS Form W-9 and W-8 Compliance
May 09, 2024 |

The Internal Revenue Service (IRS) utilizes various forms to ensure compliance with the United States tax laws, especially regarding information reporting and withholding requirements. Navigating the complexities of IRS forms and compliance is crucial for both individuals and businesses engaged in ...
Tax Havens: Establishing Residency in Puerto Rico and the Potential Benefits of IRC Section 933
May 06, 2024 |

Many high net worth individuals are increasingly flocking to states like Florida or Nevada due to their lack of a state income tax. However, under the provisions of IRC Sec. 933, a move to a U.S. territory, like Puerto Rico, may offer even more lucrative tax incentives than a zero income tax state. ...
United States Income Tax Treaties That Meet the Requirements of Section 1(h)(11)(C)(i)(II)
March 12, 2024 |
Tax News , Article ,

IRS released Notice 2024-11 on December 28, 2023, updating the list of countries with tax treaties meeting Section 1(h)(11)(C)(i)(II) criteria. Under section 1(h)(11) (qualified dividends), a dividend paid to an individual shareholder from either a domestic corporation or a "qualified foreign ...

A Quick Guide for Accounting Method Change
March 07, 2024 |
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Accounting methods, whether general (like cash or accrual) or specialized (e.g., long-term contract methods), are pivotal for financial reporting. This guide provides a quick reference for the process of changing accounting methods, encompassing IRS consent, Form 3115 submission, and key ...

Limited Partners May Not Be Exempt From Self-employment Contributions Act (SECA) Taxes
March 05, 2024 |

The IRS has increased its compliance efforts with the objective of accurate reporting and payment of Self-Employment Contributions Act (SECA) taxes. This pertains specifically to individual partners who hold the status of a “limited” partner but may not necessarily meet the criteria of a limited ...
Should I Itemize or Should I Take the Standard Deduction?
March 05, 2024 |

During tax season, individuals are faced with a pivotal decision: whether to take the standard deduction or opt for itemizing deductions. This choice holds substantial implications for financial decisions, affecting everything from charitable contributions to homeownership. In this article, we ...
Tax Relief for American Families and Workers Act of 2024
February 29, 2024 |
Tax News , Article ,

On January 31st, 2024, the House of Representatives passed bill H.R.7024 Tax Relief for American Families and Workers Act of 2024 which aims to provide tax relief and support for American families and workers. The bill now heads to the Senate for consideration. This legislation encompasses a wide ...

Maximizing Tax Benefits for Retirees: Qualified Charitable Distributions
February 20, 2024 |
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It is important for older individuals and retirees to be mindful of potential tax advantages that can help optimize their financial situations. There are various tax strategies that retirees can take advantage of. One common tax strategy is the Qualified Charitable Distribution (QCD).

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