Simplyfying Tax Rules for Small Businesses

By cdamico | May 14, 2013

Charlie Egerton was quoted in ThomasNet News commenting on proposals by David Camp (R-Mich), Chairman of the House Ways and Means Committee, for reducing the tax burden on small businesses.  The article can be found here.

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Potential Pitfall in Net Investment Income Tax

By cdamico | February 6, 2013

It is a common planning tool for businesses that own real property used in their trade or business to own such real property in a separate entity (the “Real Estate Holding Company”), which has identical ownership to the entity that operates the trade or business (the “Operating Entity”).  Typically, the Operating Entity leases the real property from the…

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Steve Looney Speaks at ABA Tax Section Meeting in Orlando, Florida

By cdamico | January 30, 2013

Steve Looney, head of the Dean Mead tax department, spoke on a panel presentation discussing “S Corporation Compensation Reclassification Risks”  for the S Corporations Committee of the ABA Tax Section, at its January 2013 “Mid-Year” Meeting held in Orlando, Florida on January 24-26.  A copy of Steve’s outline is available here: S Corporation Compensation Reclassification Risks

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Renewed Interest in Like Kind Exchanges in 2013

By cdamico | January 18, 2013

The Internal Revenue Code Section 1031 allows taxpayers to defer the income tax on gains on the “sale” of property used in a trade, business or investment property if the taxpayer instead engages in an exchange of such property and acquires qualified replacement property (a “like-kind exchange”).  During calendar year 2012, with the knowledge that…

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Pass-Throughs Still the Preferred Choice of Entity in 2013 and Beyond

By cdamico | January 16, 2013

A number of commentators have suggested that since the maximum marginal individual federal income tax rate has risen to 39.6% and now exceeds the maximum marginal federal tax rate applicable to C Corporations of 35%, that it might be wise to convert pass-through entities (like partnerships, S Corporations and LLCs taxed as partnerships or S…

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3.8% Tax On Net Investment Income Will Take Effect in 2013

By cdamico | November 15, 2012

Beginning on January 1, 2013, the 2010 Healthcare Act will subject “net investment income” to a 3.8% Medicare tax for taxpayers with adjusted gross income over $250,000.00 in the case of joint filers ($125,000.00 for married taxpayers filing separately, and $200,000.00 for other filers).  The imposition of the 3.8% Medicare tax on “net investment income”…

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Florida Tangible Personal Property Tax Exemption

By cdamico | October 26, 2012

On Tuesday November 6, 2012, Floridians will be asked to vote on several amendments to the Florida Constitution.   No matter what your opinion is with respect to whether it is useful or efficient for the State of Florida to pass taxation and revenue legislation via constitutional amendments, proposed Amendment 10 is worth some consideration, particularly for small…

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