Generally, a surviving spouse may make a tax-free spousal rollover from a deceased spouse’s IRA only if the survivor is designated as the IRA’s beneficiary. However, in a private letter ruling (PLR), IRS said this general rule didn’t apply – and a tax-free spousal rollover was OK – where the decedent failed to designate an IRS beneficiary, died without a will
In a private letter ruling, the Internal Revenue Service has concluded that a limited liability company (LLC)’s “S” corporation election was inadvertently terminated after its members adopted an amendment to the distribution provisions in the LLC’s operating agreement. [PLR 201930023 / issued July 26, 2019]
The Michigan Department of Treasury updated its guidance on the sales and use tax bad debt deduction for periods after September 30, 2009. The revised release (
2018 was a year of sweeping change. The enactment of the federal Tax Cuts & Jobs Act will dramatically affect many taxpayers, but time remains now to execute new strategies that will benefit you this tax year and in the future.
We examine a few actions you can still implem
Noncorporate taxpayers take note. For tax years 2018 through 2025, the IRS allows you to claim an income tax deduction for “qualified business income” (QBI) from a partnership, S corporation, or sole proprietorship – as long as you meet certain requirement
On August 1, 2018, the Michigan Department of Treasury issued a Revenue Administrative Bulletin describing the criteria for imposing sales and use tax on out-of-state and remote sellers. In lig
Internal Revenue Service regulations provide that a taxpayer must capitalize an amount paid to facilitate an acquisition of a trade or business, which includes the process of investigating or otherwise pursuing the transaction. Other portions of the expense are currently deductible as ordinary and necessary business expenses. But what about an investment banker’s fee that is continge
For snowbirds who choose to head to warmer climes after enduring years of Michigan winters or for other Michigan business owners of companies that operate within the state but who reside in another state or country, the fact that you live elsewhere doesn’t protect you from the reach of Michigan taxes. How and where your business generates its income are critical considerations.
According to a recent and closely-watched decision from the North Carolina Supreme Court, it is unconstitutional for the state to tax a trust whose only connection to North Carolina was the residence of the beneficiary.
At issue in Kaestner 1992 Family Trust vs.
The tax reforms pushed by the Trump Administration and enacted by Congress in 2017 impacted several deductions that U.S. taxpayers have routinely claimed on their returns each year. Despite confusion regarding the scope of the Tax Cuts & Jobs Act (TCJA), the IRS has confirmed that mortgage and home equity loan interest is still deductible – with some changes.
It’s a fact of life in everyday business that companies take on debt to finance their operations and growth, and bonds are one type of debt instrument corporations use. Market influences and other forces can impact bond interest rates, but when a change in the federal corporate tax rate automatically changes a bond’s interest rate, is that a taxable event?
This precise quest