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Tax Information

On May 10, 2024, Governor Bill Lee enacted Public Chapter 950 which resulted in the removal of the property measure component from the franchise tax computation for tax years ending on or after January 1, 2024. Under this legislative amendment, taxpayers who previously remitted taxes based on the ...

A Section 83(b) Election is a provision in the Internal Revenue Code that allows taxpayers who receive restricted stock or other property subject to vesting, such as stock options or restricted stock units, to elect and include the fair market value (FMV) of the property at the time it was granted ...

From the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), California was one of the handful of states that did not conform to a number of provisions in the law. Most notably, the state continued to allow taxpayers to take full advantage of the net operating loss (NOL) deduction and ignore 80% ...

When you decide it’s time to sell your company, you will have to sell the assets of your company to the prospective buyer. Based on the agreed purchase price between the buyer and seller, the purchase price needs to be allocated among the various asset categories. Upon the sale of a business, the ...

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 ...

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 ...

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. ...

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 ...

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 ...

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 ...