New IRS Ruling Sheds Light on Small Business Stock Gain Exemption Internal Revenue Code (“IRC”) 1202 allows an individual shareholder a reduced or tax-free gain from the sale or exchange of qualified small business stock (“QSBS”) held for more than 5 years. The percentage of the reduction depends upon when the QSBS was acquired, but…
Captive Insurance Companies If you are like most of us — you have heard the term “Captive Insurance Company” but have no idea what it means or how it works. Most companies I deal with think they are “too small” to create a captive. Well not too fast – many middle-market companies have reaped the…
Tell Your Story Through Social Media Over the past several months, we have witnessed how social media has been at the forefront for not-for-profits —allowing them to tell their story through social media —and one of the extremely successful, viral campaigns being the Ice Bucket Challenge. As BBC News Magazine points out, there have been…
While everybody enjoys free Smartphone apps, shifting through the over one million apps on the Apple Store or the Google Play Market can be a daunting task. To ease your burden, I have compiled a list of free apps that I personally use and have helped in making my life easy and more productive. Some…
First Virtual Currency Charity Receives Tax-Exempt Status On August 25, 2014, the BitGive Foundation (“BitGive”), www.bitgive.com, received its official Internal Revenue Code §501(c)(3) determination from the Internal Revenue Service. BitGive is the first Bitcoin charity organization to receive tax-exempt status, thus allowing for the use of Bitcoin to promote charitable causes. This is anticipated to…
Business Divorce – It Ain’t Pretty “My dad doesn’t live with us anymore. He lives in New York and drives a taxi. My mom hopes he’s going to die real soon.” – Dialogue from the movie Kindergarten Cop At this point in my career, I have lost track of the number of clients that have…
Behind the Rules Regarding Corporate Inversions and Related Transactions A corporate inversion is a transaction in which a U.S.-based multinational company restructures so that the U.S. parent is replaced by a foreign parent allowing them to take advantage of lower tax rates in other countries. The U.S. Department of the Treasury (the “Treasury”) issued Notice…
The Internal Revenue Service (IRS) has released final repair regulations pertaining to capitalization and depreciation (T.D. 9636). It governs when taxpayers must capitalize and when they can deduct expenses for acquiring, maintaining, repairing or replacing tangible property. The regulations are applicable to tax years beginning on or after January 1, 2014. Five Main Areas of…
Unclaimed Property: Compliance, Reporting Requirements and Current Trends In the United States every state jurisdiction has its own set of rules and regulations relating to unclaimed property. These rules and regulations include the annual filing of an unclaimed property report(s) and potential remittance of unclaimed monies or personal property to the state. As many states…
Lobbying Guidelines for Tax-Exempt Organizations As election season nears, it is important for tax-exempt organizations to be aware of the limitations on lobbying in order to preserve their tax-exempt status. Internal Revenue Service (“IRS”) regulations state that no organization may qualify for Internal Revenue Code §501(c)(3) tax-exempt status if a substantial part of its activities…