Creating Powerful Retirement Accounts for Business Owners and Real Estate Inv...David Campbell
The document provides information about creating powerful retirement accounts for business owners and real estate investors. It outlines strategies to pay oneself instead of the IRS through tax-free income and retiring younger. Attendees will learn how to access retirement accounts at any age tax-free and penalty-free, and special tax and investing tips for the self-employed. The event features presentations from financial professionals including a real estate investor, the president of a self-directed IRA company, and a CPA tax strategist.
This document discusses the tax benefits of incorporating for realtors. It outlines how incorporation allows for tax deferral through lower corporate tax rates compared to personal tax rates. Incorporation also enables income splitting between family members through dividend payments. Finally, incorporation provides liability protection as corporate assets are separate from personal assets, shielding personal assets from business-related lawsuits. The document provides examples of how to structure compensation, utilize investment vehicles like RRSPs, and engage in tax planning to further reduce taxes.
This document provides information on estate planning techniques to reduce estate taxes through shifting income tax liability. It discusses three examples: 1) Paying income tax on a minor's account to increase its value without gifting more assets. 2) Creating a defective trust where the grantor pays income tax, allowing the trust to accumulate tax-free. 3) Making a loan to a defective trust where the interest income and payments reduce the estate over time. The goal is to transfer wealth over generations while minimizing total tax liability.
The document discusses how many tax provisions are set to expire or change at the end of 2012, which would result in individuals and families paying substantially more in taxes. It outlines how popular tax deductions, credits, and rates that applied to income, capital gains, dividends, payroll taxes, and estate taxes are scheduled to expire or change. The expiration of these tax provisions could remove up to $3,500 from the average taxpayer's annual income and significantly increase taxes for many individuals, families, and businesses.
http://www.freegameplan.co/ Did you ever wish you could fire your boss? Are you looking for a new way to become financially free from all your struggles? Are you ready for the answer to your financial woes? You have come to the right place. Let me show you a way to have residual income for the rest of your life. Yes, enough to leave a legacy for your children and love ones. Your Personalized Game Plan Will:
• Develop a custom 5 to 10 year plan to true financial freedom
.Develop a 6 to 12 month plan for cash flow now
• Reveal how easily you can create positive cash-flow for life
• Uncover 'Hidden Assets' you may not know you already have
• Accurately predict whether your money will outlast you or not
• Offer 3 actionable 'right-now' options to secure your retirement
Schedule your FREE game plan today! There is absolutely no commitment. Nobody will come to your home, the Game Plan interview is done 100% over the telephone, and at a time that is convenient for you.*
http://www.freegameplan.co/
This document discusses using reverse mortgages to fund retirement. It notes that reverse mortgages can be used to defer taking Social Security, potentially increasing the growth of Social Security funds. Several reverse mortgage programs are available. Many financial planners are using reverse mortgages to extend client portfolios by 15-20 years. Contact information is provided for a reverse mortgage specialist.
CCI Sell Sheet UPDATED with DISCLAIMER--Michael Pollock (1)Mark Bollman
Creative Colors International offers franchising opportunities for a mobile restoration business serving residential, commercial, automotive, aviation, and furniture clients. Franchisees can choose from owner-operator, executive operator, or regional developer models. Owner-operators average $112,949 in gross revenues while executive operators average $837,527. Regional developers pay 70% of the franchise fee and 3% royalties. The 30-year-old company restores leather, plastic, fabric, and vinyl materials for 80-90% less than replacement costs. Interested candidates should contact the franchise development manager.
This coupon offers $1 off the purchase of any size TABASCO Sauce and two avocados from Mexico. The manufacturer, McIlhenny Company, will reimburse grocers 8 cents plus the face value of coupons submitted in accordance with their redemption policy. The coupon expires on May 31, 2016 and cannot be doubled or copied.
Creating Powerful Retirement Accounts for Business Owners and Real Estate Inv...David Campbell
The document provides information about creating powerful retirement accounts for business owners and real estate investors. It outlines strategies to pay oneself instead of the IRS through tax-free income and retiring younger. Attendees will learn how to access retirement accounts at any age tax-free and penalty-free, and special tax and investing tips for the self-employed. The event features presentations from financial professionals including a real estate investor, the president of a self-directed IRA company, and a CPA tax strategist.
This document discusses the tax benefits of incorporating for realtors. It outlines how incorporation allows for tax deferral through lower corporate tax rates compared to personal tax rates. Incorporation also enables income splitting between family members through dividend payments. Finally, incorporation provides liability protection as corporate assets are separate from personal assets, shielding personal assets from business-related lawsuits. The document provides examples of how to structure compensation, utilize investment vehicles like RRSPs, and engage in tax planning to further reduce taxes.
This document provides information on estate planning techniques to reduce estate taxes through shifting income tax liability. It discusses three examples: 1) Paying income tax on a minor's account to increase its value without gifting more assets. 2) Creating a defective trust where the grantor pays income tax, allowing the trust to accumulate tax-free. 3) Making a loan to a defective trust where the interest income and payments reduce the estate over time. The goal is to transfer wealth over generations while minimizing total tax liability.
The document discusses how many tax provisions are set to expire or change at the end of 2012, which would result in individuals and families paying substantially more in taxes. It outlines how popular tax deductions, credits, and rates that applied to income, capital gains, dividends, payroll taxes, and estate taxes are scheduled to expire or change. The expiration of these tax provisions could remove up to $3,500 from the average taxpayer's annual income and significantly increase taxes for many individuals, families, and businesses.
http://www.freegameplan.co/ Did you ever wish you could fire your boss? Are you looking for a new way to become financially free from all your struggles? Are you ready for the answer to your financial woes? You have come to the right place. Let me show you a way to have residual income for the rest of your life. Yes, enough to leave a legacy for your children and love ones. Your Personalized Game Plan Will:
• Develop a custom 5 to 10 year plan to true financial freedom
.Develop a 6 to 12 month plan for cash flow now
• Reveal how easily you can create positive cash-flow for life
• Uncover 'Hidden Assets' you may not know you already have
• Accurately predict whether your money will outlast you or not
• Offer 3 actionable 'right-now' options to secure your retirement
Schedule your FREE game plan today! There is absolutely no commitment. Nobody will come to your home, the Game Plan interview is done 100% over the telephone, and at a time that is convenient for you.*
http://www.freegameplan.co/
This document discusses using reverse mortgages to fund retirement. It notes that reverse mortgages can be used to defer taking Social Security, potentially increasing the growth of Social Security funds. Several reverse mortgage programs are available. Many financial planners are using reverse mortgages to extend client portfolios by 15-20 years. Contact information is provided for a reverse mortgage specialist.
CCI Sell Sheet UPDATED with DISCLAIMER--Michael Pollock (1)Mark Bollman
Creative Colors International offers franchising opportunities for a mobile restoration business serving residential, commercial, automotive, aviation, and furniture clients. Franchisees can choose from owner-operator, executive operator, or regional developer models. Owner-operators average $112,949 in gross revenues while executive operators average $837,527. Regional developers pay 70% of the franchise fee and 3% royalties. The 30-year-old company restores leather, plastic, fabric, and vinyl materials for 80-90% less than replacement costs. Interested candidates should contact the franchise development manager.
This coupon offers $1 off the purchase of any size TABASCO Sauce and two avocados from Mexico. The manufacturer, McIlhenny Company, will reimburse grocers 8 cents plus the face value of coupons submitted in accordance with their redemption policy. The coupon expires on May 31, 2016 and cannot be doubled or copied.
This document summarizes an inheritance tax planning presentation given by Stephen Taylor of Carters Accountants LLP to the Rotary Club of Kirkcaldy. It discusses why inheritance tax is an important consideration given quotes about death and taxes. Rates and exemptions for inheritance tax are provided, including annual exemptions, small gifts exemption, and exemptions for gifts to charities. Methods for transferring assets during lifetime like potentially exempt transfers are covered, as are reliefs for business and agricultural property. Estate planning techniques like equalizing estates between spouses and use of trusts are also mentioned. Contact information is provided at the end.
The document appears to be a quiz containing multiple choice questions about payroll and tax-related topics. The questions ask about which state does not impose income tax, what type of payroll competes with ADP, what a customer must do if an Intuit payroll specialist makes an error, what payment method employers use to pay salaries, and the name for a type of savings where employers match employee contributions and taxes are only imposed on withdrawal.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
This document discusses the benefits of a Roth IRA conversion. It notes that individuals age 50+ have a higher contribution limit and catch-up provision for Roth IRAs. It provides an example of a 50-year-old with a $500,000 traditional IRA who could convert $100,000 in 2012 at a 25% tax rate, saving over $6,000 compared to converting the same amount in 2013 at a 28% rate. It recommends keeping conversion amounts if accounts are up 17.9% or more to offset taxes. The document promotes comprehensive wealth management services.
This document discusses the benefits of a Roth IRA conversion. It notes that individuals age 50+ have a higher contribution limit and catch-up provision for Roth IRAs. It provides an example of a 50-year-old with a $500,000 traditional IRA who could convert $100,000 in 2012 at a 25% tax rate, or $89,286 in 2013 at a 28% rate. It recommends keeping converted funds in accounts if they increase 17.9% or more to outweigh the taxes paid. The document promotes comprehensive wealth management services.
How The 2018 Tax Reform Bill Impacts You & Your BusinessSheila Ritter
The Tax Cuts and Jobs Act nearly doubled the standard deduction, capped certain itemized deductions like state and local taxes at $10,000 and mortgage interest at $750,000, doubled the child tax credit to $2,000, and allowed pass-through businesses to deduct 20% of their income. It also eliminated personal exemptions and certain business deductions like meals and entertainment. The Act reduced individual tax rates and took effect in 2018.
StoneMor Partners LP presented at its 2016 Investor Day on actions being taken to address recent operating challenges. The company experienced a drop in pre-need sales and salesforce attrition over the past year due to failed initiatives. This resulted in lower cash flow and earnings. StoneMor's action plans include increasing salesforce hiring and training, improving cash cycle management through vault installations and marker pre-orders, and implementing over $11 million in cost reductions. These steps aim to recapture stranded capital, increase productivity, and enhance cash flow to support distributions going forward.
The sales order is for a child care check-in/checkout software program and barcode scanner kit for Lackland Air Force Base in Texas. The order total is $1,953 and includes CheckMate child care management software, a linear imager barcode scanner, and labels. The items are to be shipped to Lackland AFB by August 23rd and paid for by credit card.
HomeReady is a mortgage program designed to provide affordable mortgages to creditworthy buyers with low to moderate incomes in designated communities. It offers down payments as low as 3% using alternative sources like gifts and grants. Household income must be below the area median income or in a designated low-income census tract. The program provides competitive monthly payments and reduced mortgage insurance options.
This document advertises getting a home mortgage with just 3.5% down through FHA loans offered by EZ Online Mortgage. It provides contact information for EZ Online Mortgage, including their address, phone number, website, and the name and NMLS number of their mortgage loan counselor. Small print notes that rates, fees, and programs are subject to change and other restrictions may apply.
California Unique Custom Loan Terms with EZ Online MortgageEZ Online Mortgage
This document provides contact information for EZ Online Mortgage, a mortgage lender located in Valley Village, California. It lists the company address, phone number, website, and contact person. Additionally, it notes that the company's NMLS number is 362311 and that it is licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.
Are you looking to Recoup your California All Cash Purchase? EZ Online Mortgage can help you with our delayed financing, recoup up to 85% on a California all cash purchase today!
The document discusses the Taco Bell franchise opportunity, including startup costs ranging from $242,800 to $536,000, ongoing fees such as a 4.5% marketing fee and 5.5% franchise fee based on gross sales, and the menu which includes burritos, tacos, nachos, and more. It also briefly mentions employee information such as a 12% turnover rate and hourly wages of $8-9, as well as Taco Bell's involvement in the community through sponsorships and charity donations.
This document discusses the importance of financial planning for businesses and estates. It provides several case studies, or "war stories", to illustrate common issues that can arise without proper planning, such as insolvency, incorrectly structured buy-and-sell agreements, and complications when business interests are part of an estate. The document emphasizes that understanding a client's full situation and wishes is key to developing a plan that ensures their assets are distributed as they intended. It also stresses the role of life insurance, wills, and trusts in addressing liquidity issues and unlocking opportunities for beneficiaries.
Proactive Year-end Financial and Tax Planning StrategiesAICPA
In the third webcast in the AICPA Insights Live webcast series, Beth Gamel, CPA/PFS, Robert S. Keebler, CPA, Ted Sarenski, CPA/PFS and Scott Sprinkle, CPA/PFS, CGMA came together to discuss year-end financial and tax planning strategies, specifically to address the American Taxpayer Relief Act and the Net Investment Income Tax. Below you can find an audio recording from the webcast, as well as the accompanying presentation. Be sure to explore the other webcasts in the AICPA Insights Live webcast series.
The American Recovery And Reinvestment Act Of 2009micellehughes
The document summarizes key provisions of the American Recovery and Reinvestment Act of 2009 (ARRA), including:
- The "Making Work Pay" tax credit that increased take-home pay for most Americans through changes to tax withholding tables.
- The first-time homebuyer tax credit for home purchases between 4/8/2008 and 12/1/2009.
- The automobile sales tax deduction for vehicle purchases between 2/16/2009 and 1/1/2010.
- Expansions to the education tax credits and unemployment tax exemptions.
- Bonus depreciation and Section 179 expensing for businesses.
This document summarizes an inheritance tax planning presentation given by Stephen Taylor of Carters Accountants LLP to the Rotary Club of Kirkcaldy. It discusses why inheritance tax is an important consideration given quotes about death and taxes. Rates and exemptions for inheritance tax are provided, including annual exemptions, small gifts exemption, and exemptions for gifts to charities. Methods for transferring assets during lifetime like potentially exempt transfers are covered, as are reliefs for business and agricultural property. Estate planning techniques like equalizing estates between spouses and use of trusts are also mentioned. Contact information is provided at the end.
The document appears to be a quiz containing multiple choice questions about payroll and tax-related topics. The questions ask about which state does not impose income tax, what type of payroll competes with ADP, what a customer must do if an Intuit payroll specialist makes an error, what payment method employers use to pay salaries, and the name for a type of savings where employers match employee contributions and taxes are only imposed on withdrawal.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
This document discusses the benefits of a Roth IRA conversion. It notes that individuals age 50+ have a higher contribution limit and catch-up provision for Roth IRAs. It provides an example of a 50-year-old with a $500,000 traditional IRA who could convert $100,000 in 2012 at a 25% tax rate, saving over $6,000 compared to converting the same amount in 2013 at a 28% rate. It recommends keeping conversion amounts if accounts are up 17.9% or more to offset taxes. The document promotes comprehensive wealth management services.
This document discusses the benefits of a Roth IRA conversion. It notes that individuals age 50+ have a higher contribution limit and catch-up provision for Roth IRAs. It provides an example of a 50-year-old with a $500,000 traditional IRA who could convert $100,000 in 2012 at a 25% tax rate, or $89,286 in 2013 at a 28% rate. It recommends keeping converted funds in accounts if they increase 17.9% or more to outweigh the taxes paid. The document promotes comprehensive wealth management services.
How The 2018 Tax Reform Bill Impacts You & Your BusinessSheila Ritter
The Tax Cuts and Jobs Act nearly doubled the standard deduction, capped certain itemized deductions like state and local taxes at $10,000 and mortgage interest at $750,000, doubled the child tax credit to $2,000, and allowed pass-through businesses to deduct 20% of their income. It also eliminated personal exemptions and certain business deductions like meals and entertainment. The Act reduced individual tax rates and took effect in 2018.
StoneMor Partners LP presented at its 2016 Investor Day on actions being taken to address recent operating challenges. The company experienced a drop in pre-need sales and salesforce attrition over the past year due to failed initiatives. This resulted in lower cash flow and earnings. StoneMor's action plans include increasing salesforce hiring and training, improving cash cycle management through vault installations and marker pre-orders, and implementing over $11 million in cost reductions. These steps aim to recapture stranded capital, increase productivity, and enhance cash flow to support distributions going forward.
The sales order is for a child care check-in/checkout software program and barcode scanner kit for Lackland Air Force Base in Texas. The order total is $1,953 and includes CheckMate child care management software, a linear imager barcode scanner, and labels. The items are to be shipped to Lackland AFB by August 23rd and paid for by credit card.
HomeReady is a mortgage program designed to provide affordable mortgages to creditworthy buyers with low to moderate incomes in designated communities. It offers down payments as low as 3% using alternative sources like gifts and grants. Household income must be below the area median income or in a designated low-income census tract. The program provides competitive monthly payments and reduced mortgage insurance options.
This document advertises getting a home mortgage with just 3.5% down through FHA loans offered by EZ Online Mortgage. It provides contact information for EZ Online Mortgage, including their address, phone number, website, and the name and NMLS number of their mortgage loan counselor. Small print notes that rates, fees, and programs are subject to change and other restrictions may apply.
California Unique Custom Loan Terms with EZ Online MortgageEZ Online Mortgage
This document provides contact information for EZ Online Mortgage, a mortgage lender located in Valley Village, California. It lists the company address, phone number, website, and contact person. Additionally, it notes that the company's NMLS number is 362311 and that it is licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act.
Are you looking to Recoup your California All Cash Purchase? EZ Online Mortgage can help you with our delayed financing, recoup up to 85% on a California all cash purchase today!
The document discusses the Taco Bell franchise opportunity, including startup costs ranging from $242,800 to $536,000, ongoing fees such as a 4.5% marketing fee and 5.5% franchise fee based on gross sales, and the menu which includes burritos, tacos, nachos, and more. It also briefly mentions employee information such as a 12% turnover rate and hourly wages of $8-9, as well as Taco Bell's involvement in the community through sponsorships and charity donations.
This document discusses the importance of financial planning for businesses and estates. It provides several case studies, or "war stories", to illustrate common issues that can arise without proper planning, such as insolvency, incorrectly structured buy-and-sell agreements, and complications when business interests are part of an estate. The document emphasizes that understanding a client's full situation and wishes is key to developing a plan that ensures their assets are distributed as they intended. It also stresses the role of life insurance, wills, and trusts in addressing liquidity issues and unlocking opportunities for beneficiaries.
Proactive Year-end Financial and Tax Planning StrategiesAICPA
In the third webcast in the AICPA Insights Live webcast series, Beth Gamel, CPA/PFS, Robert S. Keebler, CPA, Ted Sarenski, CPA/PFS and Scott Sprinkle, CPA/PFS, CGMA came together to discuss year-end financial and tax planning strategies, specifically to address the American Taxpayer Relief Act and the Net Investment Income Tax. Below you can find an audio recording from the webcast, as well as the accompanying presentation. Be sure to explore the other webcasts in the AICPA Insights Live webcast series.
The American Recovery And Reinvestment Act Of 2009micellehughes
The document summarizes key provisions of the American Recovery and Reinvestment Act of 2009 (ARRA), including:
- The "Making Work Pay" tax credit that increased take-home pay for most Americans through changes to tax withholding tables.
- The first-time homebuyer tax credit for home purchases between 4/8/2008 and 12/1/2009.
- The automobile sales tax deduction for vehicle purchases between 2/16/2009 and 1/1/2010.
- Expansions to the education tax credits and unemployment tax exemptions.
- Bonus depreciation and Section 179 expensing for businesses.
Corporate Taxation – MBA 7295 Business Structure Ass.docxvanesaburnand
Corporate Taxation – MBA 7295
Business Structure Assessment Presentation
Happy Feet
By:
2
C-Corporation
Happy Feet C Corp was decided to be a closely held; separately taxable entity from Holly and Angela’s taxable income. Taxes are paid at the corporate level. Assets such as Holly & Angela’s homes are protected.
Happy Feet needed the legal ability to raise capital via the sale of stock in the beginning. Shareholders can easily transfer the ownership by selling their stock. Individual owner’s liability is limited to the value of stock they are holding in the corporation.
Tax on corporate income is paid first at the corporate level and again at the individual level on dividends.
3
Reasons for selecting a C-Corp
with Happy Feet
Corporations have two main advantages. They provide the greatest shield from individual liability and are able to raise capital while transferring stock to shareholders. Corporations are subject to federal income tax so distributing earnings will help to reduce your tax impact through employer pension plans.
4
Business Ownership C-Corporation
Holly and Angela Forge
Happy Feet Corporation
5
2010 Holly and Angela take their inheritance money and invest it in an invention they purchased the patent for. The company is registered in Delaware. Holly invests $5 million cash, and Angela invests $20 million. Of that $20million, used $500k for legal processes to purchase the patent.
IRC 351 applies as the company is held by more than 80%.
2011- Sales are slow, and manufacturing costs are high. Consultants hired to streamline processes to decrease costs and market more efficiently. IRC-172 Happy Feet has decided to carry forward their Net operating loss deduction.
2012 Happy Feet partners with Lori Grenier from ABC’s Shark Tank to mass produce and market invention. IRC 267 takes a place on the tax forms.
2013 Happy Feet is on an upswing with revenue recognition, but IRC 267 applies as we have a 3rd partner as a shareholder.
Happy Feet Incorporated
6
A tax preparer (our CFO) will be required sign off to complete the filing of
Happy Feet’s 2014 tax return.
Happy Feet Incorporated Balance Sheet
7(Millions of Dollars)12/31/201212/31/201312/31/20142012-2013 Change2013- 2014 ChangeAssetsCash and Equivalents10,049.0010,341.009,088.00-961.001,253.00Short-Term Investments1,167.003,161.006,124.004,957.00-2,963.00Total Cash & Short Term Inv.11,216.0013,502.0015,212.003,996.00-1,710.00Accounts Receivable5,409.005,314.006,170.00761.00-856.00Other Receivables384.00294.00376.00-8.00-82.00Total Receivables5,793.005,608.006,546.00753.00-938.00Inventory32,240.0037,751.0042,912.0010,672.00-5,161.00Finance Division Loans and Leases, Current476.00364.00344.00-132.0020.00Deferred Tax Assets, Current29.0028.0014.00-15.0014.00Other Current Assets56.0056.0046.00-10.0010.00Total Current Assets49,810.0057,309.0065,074.0015,264.00-7,765.00Gross Property Plant and Equipment23.
This document summarizes recent changes to trust tax laws and planning opportunities in Canada. It discusses amendments to subsection 75(2) for resident and non-resident trusts, the end of the 5-year immigration trust, new rules taxing testamentary trusts at the highest personal tax rate, and impacts on life interest trusts. It also reviews cases around determining a trust's residence for provincial tax purposes, opportunities for philanthropic planning with estate donations to charities, and the potential to rectify trust documents through the courts.
The document provides 30 key points summarizing changes to the new US tax law. Some major changes include doubling the standard deduction, increasing the child tax credit, capping the state and local tax deduction at $10,000, lowering the corporate tax rate to 21%, and eliminating some itemized deductions for moving expenses, tax preparation, and alimony payments. The new law also expands tax breaks for education expenses and increases exemption amounts for the alternative minimum tax and estate tax.
The document discusses various aspects of debt forgiveness income under U.S. tax law, including what constitutes debt forgiveness income, exceptions to debt forgiveness income, and to which taxpayers the exceptions apply. It provides examples and discusses issues related to insolvency, bankruptcy, qualified farm/real property indebtedness, principal residence indebtedness, and deferral of income from certain debt restructurings. It also briefly discusses passive activity loss rules and how the rules apply differently to real estate professionals.
The document provides an agenda and overview for a seminar on 2003 tax law changes and related cases. Key points discussed include:
- Reduced individual income tax rates and expanded 10% tax bracket for 2003-2004.
- Lower long-term capital gains and dividend tax rates of 5-15% for 2003-2008.
- Increased child tax credit of up to $1,000 for 2003-2004.
- Accelerated increases to the standard deduction and 15% tax bracket amounts for joint filers in 2003-2004.
- Reduced marriage penalty for many taxpayers due to increased 15% bracket amounts.
- Planning opportunities related to capital gains, dividends, installment sales
FAQ 2009 First Time Home Buyer Tax Creditgmcintosh
This document provides frequently asked questions about the first-time homebuyer tax credit for 2009. It explains that the credit has been increased to $8,000 from the previous $7,500 amount. To qualify, buyers must purchase a home between January 1 and December 1, 2009 and must be first-time homebuyers. The credit phases out for single filers with incomes between $75,000-$95,000 and for joint filers between $150,000-$170,000. Eligible buyers can claim the credit when filing their 2008 or 2009 tax returns.
The document discusses key tax considerations for different business entity structures including LLCs, S corporations, and C corporations. It covers taxation of income and losses, liability for entity debts, limits on number and type of owners, deductibility of fringe benefits, and state franchise taxes. Special topics like QSBS, foreign ownership, and equity awards are also addressed at a high level. The document provides an overview comparison of entity structures across these various tax-related factors.
The document discusses the details of the $8,000 first-time homebuyer tax credit available for home purchases from January 1, 2009 to November 30, 2009. It provides answers to frequently asked questions about eligibility requirements, how the credit is applied, income limitations, repayment rules, and examples of how the credit affects tax refunds for different situations. The credit can reduce a homebuyer's tax liability dollar-for-dollar or provide a refund if their liability is less than $8,000.
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
Current Tax Planning Techniques in U.S. and International TransactionsWinston & Strawn LLP
The document summarizes various tax planning techniques for U.S. and international transactions, including:
1) Inversions following recent IRS notices that limit benefits;
2) Acquisitions of foreign targets through alternative structures like a non-inversion, inversion, or acquisition by a foreign subsidiary;
3) Considerations for cross-border transactions like tax deferral, foreign tax credits, and tax-efficient repatriation.
4) Potential tax consequences of inversion transactions for shareholders.
The 2009 First Time Homebuyer Tax Credit was created to provide incentives for first-time home buyers. Originally a $7,500 non-refundable credit, it was expanded in 2009 to a maximum $8,000 refundable credit for homes purchased between January 1 and November 30, 2009. The repayment requirement for the 2008 credit was also eliminated. The changes aimed to make the credit more beneficial for home buyers and boost home purchases.
2015 Accounting Updates for Not-for-ProfitsWelch LLP
The document summarizes key information from a presentation on accounting and tax updates for not-for-profits held on October 21, 2015. It includes summaries of updates on charity tax rules, non-profit organization tax rules, employer health tax exemptions, employment insurance rebates, and restrictions on business activities for not-for-profits and charities. Presenters provided case studies and discussed issues such as leveraging intellectual property as a new income stream, liability considerations for certification programs, and determining related versus unrelated business for charities.
Year-End Planning Steps and Considerations for Success in 2021Withum
This document provides an overview and summary of a presentation on year-end tax planning steps and considerations. It discusses pending federal legislation which could impact taxes in 2022 and includes various individual, business, international, estate and gift tax planning strategies to consider before the end of the year. Specific strategies mentioned include accelerating or deferring income and expenses, maximizing retirement contributions, bunching deductions, and making gifts to take advantage of annual exclusion amounts.
This document summarizes tax issues from 2009, including:
1) Homebuyer tax credits for those who purchased homes in 2009 or 2010, claiming the credit using Form 5405.
2) Income tax breaks for mortgage assistance/cancellation from 2007-2012 and exclusions for HAMP payments.
3) A sales tax deduction for vehicles purchased in 2009 and exclusions for "Cash for Clunkers" vouchers.
4) Various energy, education, and payroll tax credits, along with IRA and retirement contribution limits.
Mercer & Hole Property Plus - January 2015TIAG_Alliance
Published by Mercer & Hole - TIAG Member in London, England
These articles give an overview of some of the property issues that we are typically dealing with. These range from commercial property investment, to families buying property for their children to occupy, a second home investment, maybe a buy to let or a wealthy non UK domiciled individual acquiring a home or investment in the UK.
02: Buying property for children
03: Capital allowances in commercial property
04: Commercial property investment
05: VAT on student accommodation: 1 April 2015 changes
06: Non UK domiciliaries owning UK property
07: UK residential property – buy to let 08: Residential service charge accounts
2020 Year-End Tax Planning for Law Firms and AttorneysWithum
Tax planning can be a difficult strategic process; this tax planning season is further complicated by the COVID-19 pandemic as well as the uncertainties surrounding the Presidential Election. This session will shed light on a number of significant considerations regarding NJ BAIT, nexus issues related to remote working, and PPP loan forgiveness as it relates to general high net worth planning.
Similar to Succession Planning in Light of Tax Reform and Other Developments (20)
This document summarizes various provisions of the Tax Cuts and Jobs Act (TCJA) including:
1) Individual and corporate tax rates that were reduced under the TCJA.
2) Changes to itemized deductions such as capping state and local tax deductions, mortgage interest deductions, medical expense deductions, and suspending some miscellaneous itemized deductions.
3) Strategies like "bunching" deductions, qualified charitable distributions, and investing in Qualified Opportunity Funds to maximize savings under the new tax law.
This document provides an overview of search engine optimization (SEO) and pay-per-click advertising strategies. It discusses what SEO and pay-per-click advertising are, how they can benefit businesses, and some of the key capabilities available for each strategy, including keyword research, on-page optimization, content creation, link building, Google Ads, Google Display Ads, YouTube ads, and social media ads. The document also poses three questions for businesses to consider for each strategy to help determine how they can be effectively implemented.
Elevate 2019: Financial Professional SlidesSkoda Minotti
This document provides an overview of ethics standards and rules for CPAs, including those from the AICPA and other standard-setting bodies. It discusses the AICPA Code of Professional Conduct, which establishes principles like integrity, objectivity and independence. The Code also contains rules for members in public practice and business regarding issues like conflicts of interest, confidentiality, acts discreditable to the profession, and independence. Additional topics covered include statements on tax services, IRS Circular 230, continuing education requirements, and responding to client errors or omissions.
Smart Manufacturing Workshop: An Interactive Improv SessionSkoda Minotti
Learn how you can increase revenue, decrease costs and improve profitability all while improving your overall equipment effectiveness, quality, on-time delivery and much more!
Your business faces risks on multiple fronts, so risk management should be a strategic priority. Identifying and addressing risks helps your business run smoothly, and keeps you focused on pursuing your business objectives. We discuss strategies to mitigate your IT threats, explore insurance options and assess your internal control needs.
Navigating the Tax and Accounting Implications of CryptocurrenciesSkoda Minotti
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Succession Planning in Light of Tax Reform and Other Developments
1. SUCCESSION PLANNING IN LIGHT
OF TAX REFORM AND OTHER
DEVELOPMENTS
August 20, 2018 | Hilton Cleveland Downtown
PRESENTED BY: Gary A. Zwick, Esq. | TELEPHONE: 216.928-2902 | EMAIL: gzwick@walterhav.com
2. Tax Reform Changes affecting
Succession Planning
• Corporate tax rates – increased on the first
$50,000 from 15% to 21%
• Corporate tax rates – decreased on income
over $100,000 from 35% to 21%
• Corporate AMT repealed
• QBID may require increases in FICA wages for
owners
• Individual tax rates reduced
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3. Tax Reform changes (cont’d)
• Top tax rate on owners of flow through
entities that get the maximum QBID could be
29.85%
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4. Tax Reform changes (cont’d)
• Double tax on C corporations now under 40%
• Estate and gift tax exemptions now
$11,180,000 per person but basis step up on
death continues even though many will have
no estate or gift tax.
• Miscellaneous itemized deductions no longer
deductible. State and Local taxes severely
limited
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5. Tax reform changes (cont’d)
• Standard deduction raised to $24,000 MFJ and
$12,000 for all others. Reduces deductibility
of charitable contributions.
• Roth conversion re-characterizations no longer
allowed
• Like kind exchanges now apply only to real
estate
• Gains on sale of a business can be rolled tax
deferred into opportunity zone funds
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6. Tax Reform changes (cont’d)
• Transfer for value rule using a partnership
requires a bona fide business relationship
• Rev Rul. 2009-13 dicta reducing basis in a life
insurance policy by the term insurance costs is
repealed.
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7. Other recent developments
affecting succession
• Small captive insurance companies under
attack – Avrahami case
• Aggressive split dollar technique under attack
– compare Morrissette with Estate of Cahill
• Taxpayers (particularly in 6th circuit) winning
cases of IRA owned businesses – Summa
Holdings, Swanson, Bross Trucking
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8. Effect of these changes
• Some cross purchase buy sells will be changed
to redemption buy sells
• Some split dollar arrangements will be
switched from loan regime to economic
benefit regime
• Some planners will abandon the best
techniques because no transfer tax benefit but
they should not
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9. Effect of these changes (cont’d)
• Capital Gains tax rates for MFJ 0% if income
less than about $79,000 and 15% if income
less than about $479,000. Additional 3.8% tax
on capital gains if income over $250,000 but
0% if on active flow through entity capital gain
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10. GRAT
10
Corporation
100%
Father
FBO Children
1. Annuity replaces parent’s salary
2. Parent may continue to work for company
3. Parent taxed on S corporation income – RR 85-13
4. K-1 in excess of annuity creates reduction of parent’s estate by tax due on income
5. After annuity ends, grantor trust can continue for estate reduction
6. Tax reimbursement clause – RR 2004-64
7. Mortality risk & favorable 2039 Regs.
8. GST issues
9. Zero out
10. SERP Sale Opportunity
11. Has the effect of a tax deductible buyout – beneficial even without transfer tax
Annuity
Irrev. Grantor Trust
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11. Sale to Grantor Trust
11
S Corp
100%
Mother
Principal&
interest
1. Note payment replaces parent’s salary (formula sale – King case)
2. Parent may continue to work for the company
3. Parent taxed on S income – RR 85-13
4. K-1 in excess of note payment creates reduction of parent’s estate by tax due on income
5. After note payments end, grantor trust can continue for estate reduction
6. Tax reimbursement clauses – RR 2004-64
7. Seed money
8. GST issues
9. IRS attack
• Woebling case
• Interest rate on note (Anecdotal)
10. Variation – Prepay Note with Bank Loan and toggle off grantor powers to get parent money tax free-see next panel
11. SERP Sale Opportunity
12. Has the effect of a tax deductible buyout – beneficial even without transfer tax
Stock
Irrev. Grantor Trust
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12. 12
S
Corp.
BANK
Step 6
Repay Loan
from Profits
GRANTOR
TRUST
Step 3
Mirror
Loan to
Trust
FBO
FAMILY
PAREN
T
Step 4
Pay off
Note
Sale of
Stock
Step 1
Step 5
Renounce Grantor
Powers
Results
A. Parent sells without tax
B. Child gets basis in stock
C. Parent takes less money for
stock
Sell Company Stock Without Tax
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13. Parent
1. Parent previously sold S corp to DGT
2. Sale did not step up basis in stock
3. DGT still a grantor trust or may toggle
back on
4. Parent is elderly or not healthy
5. Parent “substitutes” cash for S stock in
trust tax free
Cash $10 million
Marketable Securities $5 million
Home $1 million
Total: $16 million
FBO Children &
lineals
6. Parent dies owning S stock
7. Estate not increased in value
8. S stock basis steps up to $10 million
9. Parent leaves stock to child in his will
13
The DGT Unwind
Irrevocable Grantor
Trust
S corp stock value $10
million, basis $1 million
S
Corp
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14. Estate of Clara M. Morrissette,
146 T.C. 171 (2016)
14
Gen1
Grandma
ILIT
(insures
Gen2)
Insurance
Company
What is the value of the Note due back in the Estate?
See Estate of Cahill, TCM 2018-84
(Split Dollar Economic Benefit Regime)
Premium Payment
Premium
repayment
Cash Values and
Death Benefits
Premium
Advances
After Gen1’s death, Gen2 may:
- Keep policy intact
- Withdraw or borrow on cash values
- Surrender policy for all cash values
Hurdles:
- Insurance carrier restrictions
- Valuation of the Note
- Understanding concept/risks
Schematic provided by Larry Rothstein, CLU, Cornerstone Consulting Group LLC, Cleveland, Ohio
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