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Creditors of corporate entities will, at various times, pursue the controlling shareholders to satisfy an undercapitalized corporation’s indebtedness. Following along these lines, when it comes to income taxation, it is always important to be able to identify the proper taxpayer. Alter ego concepts may aid in any such determination, i.e., determining whether a corporation that presumably realizes the income should be taxed, or whether the controlling shareholder realized the income and, therefore, should bear the tax liability.
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With Republicans poised to take control of the White House and Congress, the odds are high that key elements of the 2017 Tax Cuts and Jobs Act set to expire at the end of 2025 will in fact be extended — potentially for the better part of the next decade. Still, given the relatively narrow majorities expected in both the House and the Senate, the exact path forward for tax reform and broader federal budget negotiations also includes some unknowns.
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Given the downward pressure on commercial real estate valuations in many areas, and the increasing likelihood that owners of real property will cease paying real property taxes when there is no longer any equity, we decided to report on a recent decision issued by the Ninth Circuit that reversed a decision of the bankruptcy court allocating the distribution of the proceeds of a sale of real property pro rata between the IRS, on account of its tax lien, and the bankruptcy estate.
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As the year winds down, savvy real estate investors are searching for ways to minimize their tax liability. One powerful strategy to consider is the qualified opportunity fund (QOF), offering significant tax advantages while promoting long-term growth.
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Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.
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As the IRS continues its efforts to combat fraud and streamline processing, businesses that have legitimately qualified for the ERC should stay informed about developments and take appropriate actions to secure their refunds. The landscape of ERC claims is evolving, and staying proactive will be key to successfully navigating the remaining challenges.
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The proposed regulations would disallow basis adjustments in many non-abusive scenarios where those basis adjustments are necessary to achieve tax results that correspond to economic reality.
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Business owners, among their numerous tasks, should seek to minimize income taxes as they would any other expense, of course accommodating to the extent necessary the needs of their business. In this regard, building a documentary record to support the various tax positions being taken may preserve an income tax deduction that otherwise would be lost
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While the IRS has new ERC claims on pause and works to investigate possible fraud, business owners still have the opportunity to protect themselves from potential civil and criminal penalties.
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Whether acquiring, constructing, or remodeling a real estate property, cost segregation remains one of the most powerful strategies to simultaneously optimize cash flow and taxes.