Prior to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”) and after abolishment of the estate tax for decedents dying in 2010, the estate tax was scheduled to return in the tax year 2011 with a maximum tax rate of 55% and a $1 million exclusion. Under the Act, […]
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One of the most important provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”), which was signed into law on December 17, 2010, deals with Social Security tax reduction for employees. The Act reduces the employee’s share of Social Security tax from 6.2% to 4.2% for wages earned […]
Do you frequently trade stocks or purchase options? Then you should be aware of the wash-sales rules. In some extreme circumstances, the wash-sales rules can have drastic negative effects on your taxes, so they are well worth knowing. A wash-sale occurs when stock, securities, or options are sold for a loss, and within a 61-day […]
Under the U.S. tax laws, partnership income and expenses flow through to each partner in a partnership, at a partnership’s tax year-end. Generally, the tax year of a partnership must conform to the tax years of its partners. In some situations, however, a partner, or multiple partners, and the partnership itself may have different tax […]
Corporations that make valid election to be taxed under Subchapter S (“S corporation”) are treated as pass-through entities. This means that the S corporation’s gains, losses, income and expenses are passed onto shareholders who will pay the applicable federal income taxes; the S corporation itself does not pay any taxes (as opposed to a regular […]