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Does the New Tax Law Make Entity Selection More Complicated?
Posted by Leigh Nali on Tue, Mar 27, 2018 @ 04:20 PM

The new corporate tax rate is one of the hallmarks of the tax legislation introduced as the Tax Cuts and Jobs Act (TCJA). At a flat 21 percent, it represents a double-digit decrease from the previous top rate of 35 percent. Pass-through entities, such as partnerships, LLCs, and sole proprietorships also benefit from reductions in their tax rates. The top individual tax rate drops from 39.6 percent to 37 percent and business owners may be able to take advantage of the new 20 percent deduction under Internal Revenue Code Section 199A on qualified business income. On its face it may appear that the corporate structure is the best option, however, you need to dig deeper to conclude on that.

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Topics: S Corporation, entity structure, Tax Cuts and Jobs Act, TCJA, Leigh Nali, C Corporation

Only Bona Fide Shareholder Loans Create S Corporation Basis
Posted by Kristen Shepley on Mon, Nov 26, 2012 @ 09:17 AM

Regulations Proposed by the IRS Clarify Basis of Indebtedness

Proposed regulations issued by the IRS will help S corporation shareholders determine if their loans create a basis of indebtedness.

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Topics: Kristen Shepley, IRS, S Corporation, shareholder loans, bona fide debt, basis of indebtedness

Staying Out of S Corporation Tax Traps
Posted by Kristen Shepley on Mon, Aug 13, 2012 @ 09:22 AM

Four S Corp Tax Traps You Can Avoid

S corporations are a popular entity choice for closely-held businesses for a combination of reasons, including a single layer of tax and no self-employment tax on earnings. Despite the benefits of S corporations, taxpayers utilizing them should be alert to avoid falling into certain tax traps.

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Topics: Kristen Shepley, tax, S Corporation, tax trap

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