If you’re the owner of a pass-through entity, the taxes on real estate gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues. Let’s say you own real estate that has been held for more than one year and is sold
Get ready. The upcoming presidential and congressional elections may significantly impact the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How We Got Here The Tax Cuts and
Why does proper independent contractor vs. employee classification matter? Independent contractors vs. employee classification… is it really that big of a deal? Definitely. Why? Making an incorrect classification can expose you to labor lawsuits, penalties, and back payroll taxes. The U.S. Department of Labor wants to ensure fair labor practices, since misclassifying an employee as
Landmark CPAs is pleased to announce the promotion of four professionals to the position of member: John Albritton, JD Brashear, Krista Ferguson and Michelle Lewis. John Albritton, Little Rock, has been with Landmark for almost two decades, specializing in bond arbitrage services and tax compliance services for tax exempt organizations and employee benefit plans. He
How can my business generate renewable energy? Renewable, or clean, energy is produced by eco-friendly sources (such as wind and solar, among others). You may be thinking, “This must cost a lot more than traditional energy production” — but with the renewable energy tax credits the federal government offers, you could be looking at several
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider creating a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the
In light of the Memorial Day weekend storms, straight-line winds and tornadoes that have affected our Northwest Arkansas communities, we wanted to provide some important information regarding IRS tax relief and the qualified disaster loss rules that may apply to you. IRS Postpones Certain Deadlines The IRS has announced that they will postpone certain tax
The U.S. Department of Labor recently announced new overtime rules titled “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees.” These rules will take effect on July 1, 2024. Here is what you need to know: New Overtime Rules Purpose The rule updates and revises the regulations for determining whether
The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of the NIIT. Are you subject to the Net Investment Income Tax? You’re potentially liable for the
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target