Over the extended weekend, the state of Nebraska released the first draft of forms applicable to the enacted pass-through entity tax (PTET) law passed under LB754. The PTET is a mechanism to shift Nebraska state tax liability to the entity, which makes it deductible to the pass-through entity and therefore reduces the federal taxable income
Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it’s important for you and the prospective partner to understand the potential federal tax implications. Important: A limited liability company (LLC) with multiple members (owners) is classified as a partnership for federal income tax purposes – unless
Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same – unless Congress changes them. Generally, the current rules have been in place for years, although the Tax Cuts and Jobs Act of 2017 (TCJA) did include some significant modifications. Whether or not you can deduct interest expenses, and
Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in many deals. The structuring of such transactions could have significant tax implications that affect the ultimate value for both parties. The Basics Earnout provisions generally arise
Despite its name, the “kiddie tax” is anything but child’s play. If you’re not careful, this provision of the tax code can result in children having to pay significant extra tax dollars on their investment income. But your family may be able to downsize the kiddie tax for 2023 by making the right tax moves
Governor Jim Pillen signed LB754 into law. LB754 has two features included in this article: LB754 adds a retroactive to the 2018 pass-through entity tax, or PTET, law. The bill also schedules gradual reductions to Nebraska’s top individual and corporate income tax rates to 3.99% by tax year 2027. PTET Law: PTET allows pass-through entities
If you’re planning to move out of your current home, you face a tough question: Should you sell your home, or would it be more beneficial to convert it into an income-producing rental property? In terms of both selling prices and rental rates, the residential real estate market has cooled off in many areas. Even so,
The stock markets have experienced significant volatility over the last year, causing many investors to realize some significant gains – and incur some significant losses. This extreme volatility is expected to continue through the end of 2023. How will stock trades affect your federal income taxes? Here’s what investors should know about reporting gains and
Are you up to date on the latest that has been filed, so you can focus your efforts on reducing its 2023 tax liability? What are the top tax-saving opportunities available to manufacturers this year? Here are seven prime candidates available for many companies: 1. Section 179 deduction. The Sec. 179 “expensing” deduction continues to
Seniors who must take withdrawals from their IRA may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances these
