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IRS Reduces Built-in Gains Tax Period for REITs to Five Years

By Amanda Wilson on Jan 18, 2017 in Congress, IRS, path act, REIT, Tax, Real estate, S Corporation, International

By:  Amanda Wilson One of the key benefits of a real estate investment trust ("REIT") is that it is effectively a pass through entity for income tax purposes.  While a REIT pays tax on its taxable income, it also receives a dividends paid deduction...

Business Tax Overhaul Obstacles

By Amanda Wilson on Feb 9, 2016 in Congress, government, Tax, Obama care, medical marijuana, S Corporation, Business Owners

There was an interesting article in yesterday's Wall Street Journal about the difficulties facing an overhaul of the tax system.  The article can be found here.

Shorter Built-in Gains Period for S Corporations

By Amanda Wilson on Dec 22, 2015 in Congress, IRS, path act, Tax, Other, S Corporation, International

By:  Amanda Wilson An S corporation is a popular tax vehicle, as it allows for a single layer of tax instead of the double layer of tax imposed on regular corporations.  Instead of the S corporation paying tax, the taxable income of the S...

Beware Transferee Liability

By Amanda Wilson on Oct 15, 2015 in irc, IRS, Tax, transferee, medical marijuana, S Corporation, International

By:  Amanda Wilson One of the great features of corporations is that liability in the corporation generally does not extend to its shareholders, including tax liability.  Like any rule, though, there is almost always an exception.   In this case,...