Wealth Preservation
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Rentals Not Treated as Passive Investment Income for S Corporation Purposes
Date: July 12, 2017
In PLR 201725022, a corporation received rental income from its leasing of offices for medical and related services. The taxpayer intended the rental income from its maintenance-related operations as non-passive investment income under section 1362(d)(3)(c)(i). In PLR 201725022, a corporation received rental income from its leasing of offices for medical and related services. The taxpayer intended the rental […]
3 Tax Deductions Small Business Owners Should be Aware of
The U.S. tax system can be pretty complicated, especially for small businesses. The U.S. tax system can be pretty complicated, especially for small businesses. According to the Tax Foundation, enterprises across the nation spend 2.8 billion hours annually filing business income tax returns. This doesn’t include S Corporations, the employer’s quarterly federal tax return, sales […]
The IRS List of “Bad Banks” is Up to 95: What You Need to Know About New OVDP Penalties
The IRS List of “Bad Banks” The IRS updated its list of “Bad Banks” last month, which is now up to 95 banking institutions. This list will continue to grow as Swiss banks and foreign financial institutions come under more intense scrutiny from the Department of Justice to force public disclosure. So if your client’s bank […]
Denial of Treaty Benefits and Limitation of Benefits
Denial of Treaty Benefits and Limitation of Benefits One of the hallmarks of international tax planning is the ability to obtain a tax ruling from a foreign revenue services that the taxpayer is a qualified resident for income tax treaty purposes. Such a ruling permits a taxpayer to proceed with certainty in establishing operations. It […]
