PDF-TAX ISSUES IN

RESTRUCTURING TROUBLED PARTNERSHIPS AND CORPORATIONS Tax Group Bracewell LLP 2016 2 TOPICS Cancellation of Indebtedness Income Partnership Debt for Equity Exchange Consequences to the. For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: The overall goal of planning your taxes is to arrange your financial affairs in such a way that your taxes are minimized. There are 3 basic ways in which to achieve this, with each method having some slight variations: Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can accurately present to your tax professional well in advance of the due date, so much the better. With the 2019 tax year looming on the horizon, you’re probably already thinking about preparing for this time to try and get the maximum out of the changes that were introduced with the TCJA, or Tax Cuts and Jobs Act. Credits have been adjusted, exemptions and tax bracket have altered, making it the perfect time to take a step back and look at your finances before the end of the fourth quarter. Keeping that in mind, here are just a few intelligent money manoeuvres to think about before December 31st, that could help you stay a step ahead of the tax filing season: There are many ways in which you can try and get yourself organized before the 2019 tax year commences, and here are just a few of them: Most US individuals and businesses who benefit from having completed their tax returns in a timely and accurate manner, will admit to having used the services of a tax professional, and there is absolutely no shame in that. Tax filing can be a confusing and complicated debacle at the best of times, but with the effects of the new 2019 Republican Tax Law beginning to reverberate around the country, things just may have gotten out of hand. With some tax breaks having been scrapped or capped, and others being introduced or expanded upon, it can be tough to stay on top of things. So, here is the first part of a brief guide that attempts to answer some of the most common tax queries: Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud. There are, of course, strict penalties in place for those who incorrectly file their tax return, whether it’s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay because of an inaccurate tax return, then they may go ahead and assess penalties and interest. Few see doctors as business people, and few doctors will admit to being businessmen, but the reality is that those who do operate their own practices, must find a balance between caring for their patients and running a service-based business. Even some of those doctors employed by hospitals or other medical facilities will be required to make important financial decisions. Tax accounting update and tax controversy issues September 20, 2018 Disclaimer EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young LLP is a Produced by the Massachusetts Councils on Aging in partnership with Greater Boston Legal Services. Funded by the Massachusetts Executive Office of Elder Affairs and Your Membership Contribution. MCOA's 2017 Housing Issues Training Forum. Here’s a question...... If you could change the world, what would you do? Hands up!. How many different things did the class suggest?. All the items mentioned are what we call . social issues.. Do you think if the same question had been asked in an American class room then the list of things would be the same, what about in an African country?. Jennifer A. Gniady DFMC Webinar June 13, 2024. Introduction. Overview of tax programs and regulatory changes. Employment classifications. Tax exemption options & issues. Political activities in an election year.