Last week Kevin J. Moore attended the NYU 78th Institute on Federal Taxation in San Francisco. This conference covered the most advanced tax issues, offering participants a clear understanding of the key issues affecting their clients or business and presenting planning ideas that can immediately be used in practice. The Institute also provided the perfect setting to meet practitioners from all around the country. The range of attendees included: attorneys, […]
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Kevin J. Moore was recently quoted in MSN.com article “10 steps you can take right now to reduce your tax bill”. One of the ways you may reduce your tax liability is through tax-loss harvesting. Tax-loss harvesting is the selling of assets, such as stocks at a loss, in order to offset gains realized on other assets or stocks. In the article, Mr. Moore explains the importance of tax-loss harvesting […]
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The recent passage of the Tax Cuts and Jobs Act (TCJA) increased interest in C Corporations. The Act permanently reduced the federal income tax rate on C Corporations from 35% to 21%. The widespread media coverage has led company founders, shareholders, and investors to ask whether they would benefit from being a C Corporation. There is another less publicized provision of the IRS Code that may also benefit shareholders of […]
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Whether you have funds in an offshore account, generate foreign business revenue, or invest outside of the United States, your activities are likely to require special care and handling to stay in compliance with Internal Revenue Service regulations. If you have control of foreign income and you aren’t readily familiar with the acronyms FBAR, FACTA, OVDP, and SFCP, it’s time to seek professional assistance. While your immediate impulse may be […]
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In 2012, foreign nationals conducted about 17 percent of real estate transactions in California. They may have engaged the professional assistance of real estate agents and brokers to streamline the purchase process but without thoughtful attention to legal details around international tax planning strategies, they may be putting their U.S. assets at risk of significant gift and estate tax consequences – often to the tune of 40% of the property […]
Read MoreMy corporations 101 series, which began with a look at roles, responsibilities and structure, continues. Let’s talk today about C corporations and money matters. When you create a C corporation, you’re establishing an entity that is legally independent of its shareholders and managers. The IRS views this entity as a “legal person” that can do business and make contracts. Most big brand companies are C corporations, and for good reasons: They […]
Read MoreLet’s say you’ve had an idea for a new venture. Maybe you want to open a cafe specializing in Viennese pastries. Or you’d like to start a writing school offering classes for IT consultants, attorneys and other professionals. Or you want to be a one-man company that plans trips for wealthy clients and travels the world with them. Depending on the business sector and other factors, your funding needs can […]
Read MoreHow are corporations structured? What must you do to fund them and take money out? How do you set them up? What are best business practices? I’ve talked in previous blog posts about specific aspects of closely held businesses, such as shareholder disputes and the rights of minority shareholders. Today, I want to get back to basics with a series that I’m calling Corporations 101. Let’s start with the first question above: […]
Read MoreThe other day, a friend asked me about the history of Limited Liability Companies (LLCs.) I shared with her what little I could off the top of my head: That they have only become popular in this country over the last couple of decades, that the first LLC statute was passed in Wyoming in the late 70s, and that other countries, such as the German speaking ones, have had some […]
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“You should avoid probate.” This is one the most common refrains you hear when you talk to a wills and trusts lawyer or financial advisor. In fact, they have done such a good job emphasizing the evils associated with the probate process that even sophisticated people mistakenly believe that, once they set up a trust or estate plan, they don’t have to do anything else once someone passes When done […]
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