Posts Tagged ‘Keith E. Phillis’
Estate Planning for Your Real Estate Business: Tips to Preserve Value
Real estate business owners face unique challenges that many business owners in other industries do not experience. The real estate market climbs and falls, contractor fees and material costs rise with inflation, and high interest rates can destroy the profitability of a real estate portfolio. These added complexities mandate more complex planning for ownership and…
Read MoreBuy, Sell, Pay Taxes: SCOTUS Decision Places Its Own Premium on Buy-Sell Insurance
All U.S. closely held businesses just received a warning from the highest court in the land that they should review their succession plans (or else risk a higher tax bill for the estates of their owners). On June 6, 2024, the Supreme Court of the United States (“SCOTUS”) issued its unanimous decision on Connelly v.…
Read MoreDecisions, Decisions: Choice of Entity vs. Choice of Tax Classification
Before forming any entity, founders need to make two fundamental decisions: which entity type is best for their business operations and which tax classification is best for the owners. Although the entity type and tax classification can be changed after formation, some forethought before forming a business can reduce expenses, taxes, and headaches. Choice of…
Read MoreNew Domestic Content Adder Guidance: ‘Buy American’ is Back
On May 16, 2024, the Department of the Treasury and the IRS announced the release of Notice 2024-41,[1] which clarifies the safe harbor for classification of project components created in Notice 2023-38 and provides a new safe harbor for the domestic content bonus credit percentages for clean energy tax credits offered under the Inflation Reduction…
Read MoreConverting Office Space to Housing? There Are Incentives For That
With housing availability at record lows in many communities across the U.S., including gateway cities such as New York,[1] and commercial office space still not fully recovered from the COVID-19 pandemic,[2] the federal government is attempting to alleviate both issues by incentivizing the conversion of former office space to residential use.[3] The Biden Administration recently…
Read MoreWhat IRS’s Low-Income Adder Guidance Means For Renewables Projects
The Inflation Reduction Act of 2022 (the “Act”) breathed new life into the tax scheme for renewable energy projects, creating a new base tax credit with a series of adders that can significantly increase viability of projects that otherwise would not be economically feasible. The IRS issued Revenue Procedure 2023-27 (“Rev. Proc. 23-27”) on August…
Read MorePotential Changes Threaten Estate Planning Strategies, Create Urgency to Act
Actor Will Rogers is widely credited with stating that “the only difference between death and taxes is that death doesn’t get worse every time Congress meets.” While most taxpayers fear tax laws changing for the worse, estate and gift taxation has only grown more favorable to taxpayers over the last decade despite very public opposition.…
Read MoreLocation, Location, Location: Asset Protection for LLC Founders
A primary focus when starting a business should answer this question: What structure provides the most protection? New founders can get bogged down in the minutia about whether to choose a corporation or a limited liability company (“LLC”), how they want the business to be taxed, or what titles the owners should have. These are…
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