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Your Guide to Tax Planning in 2021
Posted by Joanna Powell on Thu, Dec 10, 2020 @ 12:13 PM

The IRS and the Social Security Administration have released 2021 inflation-adjusted figures for more than 50 tax provisions. In addition to a 1.3% cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2021 adjustments generally are used on tax returns filed in 2022.

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Topics: individual tax, tax planning, tax deductions, business tax, Taxes, cost-of-living, tax credit, Tax Cuts and Jobs Act, TCJA, Joanna Powell, COLA, AMT

Let the Buyer Beware: Sales Tax Issues Associated with Acquiring a Business
Posted by Tarra Curran on Tue, Sep 2, 2014 @ 09:18 AM

The economic recovery since the Great Recession has allowed many businesses the flexibility to look for growth opportunities. As a result, many pundits are optimistic that mergers, acquisitions and other business restructurings will increase in 2014 and for the foreseeable future. Although the rewards of acquiring another business can be great, such transactions are complicated due to the various tax, legal, and regulatory issues involved. While both the seller and purchaser may devote significant time to the performance of due diligence procedures, they often overlook sales tax considerations.

Is the Sale of a Business Subject to Tax?

Generally, purchasers can acquire another business through either an asset sale or stock sale. Since sales tax is generally imposed on the sale of tangible personal property, the acquisition of a business enterprise through a stock sale generally will not be subject to sales tax. For other good and valid reasons, however, purchasers may want to structure the acquisition of the business as an asset sale. These asset sales, where all or part of the business's assets are transferred, are commonly referred to as bulk sales for sales tax purposes. Since these asset sales or bulk sales constitute, at least in part, the sale of tangible personal property, they will be subject to sales tax unless a specific exemption applies.

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Topics: Sales Tax, business tax, business expenses

Tax Alert: What Businesses Need to Know About the Fiscal Cliff Deal
Posted by Kristen Shepley on Wed, Jan 16, 2013 @ 09:17 AM

Businesses See Various Provisions Extended or Renewed

As mentioned in the previous blog post, President Obama and Congress finally agreed on a tax deal as the first step in avoiding the “fiscal cliff.” The American Taxpayer Relief Act of 2012 ("2012 Tax Relief Act" or the "Act") was approved on January 1, 2013.

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Topics: tax update, Kristen Shepley, tax planning, tax, business tax, american taxpayer relief act

Health Care Alert: The Tax Effects of the Supreme Court’s Health Care Law Ruling
Posted by Bernard Kaplan on Mon, Oct 22, 2012 @ 09:17 AM

What Businesses and Individuals Need to do to Avoid Tax Issues Related to the Patient Protection and Affordable Care Act

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Topics: individual tax, tax, tax-exempt, Bernard Kaplan, compliance, business tax, Health care, Supreme Court ruling

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