New York Follows Suit To Employ Market-Based Sourcing Beginning in tax year 2015, New York joined an increasing number of states that employ a market- based sourcing regime for corporate service receipts. This market source regime will apply to corporations only. It will not apply to partnerships, LLCs, or other unincorporated entities. Sourcing Method The…
The answer is YES and NO. It depends! The Benefits A real estate professional as defined in Internal Revenue Code Section 469(c)(7) and Regulation Section 1.469-9 receives significant tax benefits. A taxpayer may not be subject to certain taxes on income earned from the rental of real estate by being classified as a real estate…
Giving Back: Out of Niger (Part 1) This past January I was fortunate to take part in another amazing volunteer opportunity – this time back to Africa! I was part of a 15-member team from my church that ventured across the pond to serve those in need in Niger. The weeks leading up to this…
From a tax perspective, gifts and loans are straightforward. But when the interest rate of a loan falls below the market rate of interest, you may have a gift loan on your hands! Gifts A gift occurs when property is transferred from one party (the donor) to another (the donee) for no consideration. The tax…
Developing an appropriate compensation mechanism in private companies for the owners/key employees is and will always present a challenge to the advisors. Unlike non-owners where market forces will force employee wages to an appropriate equilibrium (too low a wage workers will leave; too high a wage workers could be terminated) there is no such mechanism…
You know you need a better way to retain your essential business information, but does that mean investing in document management software? Or is a knowledge management system really what your organization needs to improve? While both of these technologies are important, they focus on achieving fundamentally different goals, so it’s a good idea to…
Due Diligence and Early Stage Companies “Surprise, surprise, surprise” – from Gomer Pyle USMC – played by Jim Nabors I have had the privilege of being involved in due diligence activities (both buy side and sell side) for dozens of companies of all sizes. I had the chance to blog (November 2013) about being prepared…
Hedge Fund Alert and HFMWeek Names WithumSmith+Brown One of the Top Hedge Fund Auditors WithumSmith+Brown is pleased to announce that it has recently received two industry honors in the accounting and auditing space. The Firm has been named one of the Top 20 hedge fund auditors by Hedge Fund Alert and HFMWeek for the second…
Pilgrim’s Pride: Taking an ordinary tax loss for an extraordinary investment loss When an asset declines in value thought should be given to the timing and character of the loss for tax purposes. One method to potentially accelerate a tax loss and, more importantly, claim an ordinary loss as opposed to a capital loss is…
Traveling to Taiwan? Learn Important Tips on Business Card Etiquette It has been several years since I last went back to Taiwan to visit my relatives. During my recent trip there, I felt more like a “foreigner” than before. I observed many differences between the Taiwanese and American culture etiquette. For example, during a so…