Entries by Josh Azran

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Arrangements that Recharacterize Taxable Wages as Nontaxable Reimbursements or Allowances

The IRS has provided guidance which clarifies that an arrangement that recharacterizes taxable wages as nontaxable reimbursements or allowances does not satisfy the business connection requirement for accountable expense reimbursement plans. In general, employee business expense reimbursements that are paid through an employer’s accountable expense reimbursement plan are excluded from the employee’s adjusted gross income. […]

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IRS Guidance on Portability of Deceased Spousal Exclusion

The IRS has recently issued guidance on the so-called portability election and the applicable estate and gift tax exclusion amount. As a surviving spouse, this guidance may impact your estate planning opportunities. In general, the estate tax is imposed on a decedent’s gross estate as increased by the decedents’ taxable lifetime gifts, and reduced by any […]

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2012 Planning: Tax Solutions for S-Corporations

An S-corporation, such as yours, is a pass-through entity that is treated very much like a partnership for federal income tax purposes. As a result, all income is passed through to your shareholders and taxed at their individual tax rates. However, unlike a C corporation, an S corporation’s income is taxable to the shareholders when it […]

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2012 Year-End Tax Planning For Businesses

In recent years, end-of-the-year tax planning for businesses has been complicated by uncertainty over the future availability of many tax incentives. This year is no different.  In 2010, Congress extended many business tax incentives for one or two years. Now, those incentives have expired or are scheduled to expire. Whether they will be extended beyond […]