Proposed Legislation Favorable to S Corp ESOPs

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In a move that is pro employee ownership and positive for business, as well, lawmakers in both the House and Senate have recently re-introduced legislation to encourage the creation of employee stock ownership plans (ESOPs) in S Corporations. For some time, certain provisions in the ESOP rules have favored conversions of businesses operating as subchapter […]

Foreign Account Filing Rules

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The Internal Revenue Service may know more about those accounts than you think! Perhaps no area of potential tax abuse is more frustrating to Congress and the Internal Revenue Service (IRS) than the omission of income associated with taxpayer assets held offshore in foreign bank accounts. Pursuing this income (and the taxpayers failing to report […]

Relinquishing Citizenship to Save Taxes?

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A story authored by Richard Rubin of Bloomberg on May 7, 2015 and published in Accounting Today on Friday, May 8, 2015, illustrates the growing frustration among United States citizens living abroad with the current United States tax system. Click here to read the article. The frustration, as noted in the article, is leading more […]

IRS Releases Key Aids for the Business Valuation Community

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On April 30, 2015, the IRS made available to the public two documents which were authored to aid IRS Valuation Analysts with their work in the business valuation arena. The first, Valuation of Non-Controlling Interests in Business Entities Electing to be Treated as S Corporations for Federal Tax Purposes: A Job Aid for IRS Valuation […]