Tax Basis for Inherited or Gifted Property: Implications for S Corporations and Partnerships
In a previous blog, we discussed tax basis—the amount that a taxpayer has invested in business assets, which determines the
Category: Business Strategies
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Debt Recourse and Tax Deductions for Partnerships and S Corporations
In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs
Overcoming Limits to Tax Deductions for S Corporation or Partnership Losses
Understanding tax basis is key to maximizing tax deductions, especially for shareholders or partners involved in an S corporation or
Business Losses and PPP Loans: Understanding Tax Implications for S Corp Shareholders
Business losses have become all-too common during COVID-19. Though new tax benefits have been introduced, understanding whether these will benefit
The Real Estate Tax Implications of California Prop 19
California Prop 19, also known as “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural
Extensions to the Paid Sick Leave and Family Leave Credits in 2021
Employers will continue to see tax benefits for providing paid sick leave and family leave for the second and third
Taking Advantage of Passive Losses
Over the last two weeks we have outlined a strategy to intentionally fail the test for material participation, for purposes
The Section 1244 Small Business Stock Loophole
This week’s blog focuses on a loophole to the $3,000 deduction on capital loss losses. Businesses don’t always go as
Defining Material Participation
If you haven’t looked at last week’s blog (“Reclassifying Non-Passive Income”), we suggest you do that first. Last week, we
Reclassifying Non-Passive Income
One strategy regarding income recharacterization is to shift non-passive income to passive income. Non-passive income is any income earned actively
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