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Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court.

SE tax background

Self-employment income is subject to a 12.4% Social Security tax (up to the wage base) and a 2.9% Medicare tax. Generally, if you’re a member of a partnership — including an LLC taxed as a partnership — that conducts a trade or business, you’re considered self-employed.

General partners pay SE tax on all their business income from the partnership, whether it’s distributed or not. Limited partners, however, are subject to SE tax only on any guaranteed payments for services they provide to the partnership. The rationale is that limited partners, who have no management authority, are more akin to passive investors.

(Note, however, that “service partners” in service partnerships, such as law firms, medical practices, and architecture and engineering firms, generally may not claim limited partner status regardless of their level of participation.)

LLC uncertainty

Over the years, many LLC members have taken the position that they’re equivalent to limited partners and, therefore, exempt from SE tax (except on guaranteed payments for services). But there’s a big difference between limited partners and LLC members. Both enjoy limited personal liability, but, unlike limited partners, LLC members can actively participate in management without jeopardizing their liability protection.

Arguably, LLC members who are active in management or perform substantial services related to the LLC’s business are subject to SE tax, while those who more closely resemble passive investors should be treated like limited partners. The IRS issued proposed regulations to that effect in 1997, but hasn’t finalized them — although it follows them as a matter of internal policy.

Some LLC members have argued that the IRS’s failure to finalize the regulations supports the claim that their distributive shares aren’t subject to SE tax. But the IRS routinely rejects this argument and has successfully litigated its position. The courts generally have imposed SE tax on LLC members unless, like traditional limited partners, they lack management authority and don’t provide significant services to the business.

Review your situation

The law in this area remains uncertain, particularly with regard to capital-intensive businesses. But given the IRS’s aggressiveness in collecting SE taxes from LLCs, LLC members should assess whether the IRS might claim that they’ve underpaid SE taxes.

Those who wish to avoid or reduce these taxes in the future may have some options, including converting to an S corporation or limited partnership, or restructuring their ownership interests. When evaluating these strategies, there are issues to consider beyond taxes. Contact us to discuss your specific situation.

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A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. (more…)

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Is your not-for-profit overpaying unemployment tax? Many employers are and don’t know it. Here’s how to find out and possibly reduce unemployment costs. (more…)

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Please download our complimentary year end tax planning guide for individuals

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Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax Cuts and Jobs Act (TCJA), the kiddie tax has become more dangerous than ever. (more…)

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With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year end. Take a look at these three ideas, and contact us to discuss what midyear strategies make sense for you. (more…)

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You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors., and state and local governments are pleased to potentially be able to collect more sales tax.

Below please find an up to date list on current rulings by state:

Hover over your state for current updated tax change information, and click a state to be directed to their website for more information (when available)

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For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government. (more…)

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“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.
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There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. (more…)

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While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital gains rates. They remain at 0%, 15% and 20%. (more…)

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Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. (more…)

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The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for the next several years. Nevertheless, factoring taxes into your estate planning is still important. (more…)

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The Tax Cuts & Jobs Act (TCJA) involves several changes to the rules governing choice of accounting method for businesses.

Specifically the gross receipts threshold for Cash Basis Accounting has been raised. The details and qualifications for this law change are outlined below. (more…)

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Plan B is never best planned while plagued by panic and the frenzied fear of Plan A’s imminent failure- though it often is.

Business owners study the market and the competition with a growth mindset. The goal is always to stay ahead of the pack by managing risk and leveraging strengths, but managing risk in a disaster is often where the boys are separated from the men.

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Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the trend may trickle down to smaller businesses. Businesses also can pay employees or independent contractors with virtual currency. But what are the tax consequences of these transactions? (more…)

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Prior to the Tax Cuts and Jobs Act (TCJA), income earned by U.S. shareholders of a foreign corporation has generally not been subject to U.S. tax until the income is distributed as a dividend to U.S. shareholders.

The TCJA however, has introduced two significant changes to the taxation of income earned by a foreign corporation owned by U.S. shareholders.

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When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! (more…)

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It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018. This could negatively impact owners of start-ups and businesses facing adverse conditions. (more…)

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If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan.

That’s why a large refund for the previous tax year would usually indicate that you should consider reducing the amounts you’re having withheld (and/or what estimated tax payments you’re making) for the current year. But 2018 is a little different.

TCJA and withholding

To reflect changes under the Tax Cuts and Jobs Act (TCJA) — such as the increase in the standard deduction, suspension of personal exemptions and changes in tax rates and brackets —the IRS updated the withholding tables that indicate how much employers should hold back from their employees’ paychecks, generally reducing the amount withheld.

The new tables may provide the correct amount of tax withholding for individuals with simple tax situations, but they might cause other taxpayers to not have enough withheld to pay their ultimate tax liabilities under the TCJA. So even if you received a large refund this year, you could end up owing a significant amount of tax when you file your 2018 return next year.

Perils of the new tables

The IRS itself cautions that people with more complex tax situations face the possibility of having their income taxes underwithheld. If, for example, you itemize deductions, have dependents age 17 or older, are in a two-income household or have more than one job, you should review your tax situation and adjust your withholding if appropriate.

The IRS has updated its withholding calculator (available at irs.gov) to assist taxpayers in reviewing their situations. The calculator reflects changes in available itemized deductions, the increased child tax credit, the new dependent credit and repeal of dependent exemptions.

More considerations

Tax law changes aren’t the only reason to check your withholding. Additional reviews during the year are a good idea if:

You get married or divorced,

You add or lose a dependent,

You purchase a home,

You start or lose a job, or

Your investment income changes significantly.

You can modify your withholding at any time during the year, or even multiple times within a year. To do so, you simply submit a new Form W-4 to your employer. Changes typically will go into effect several weeks after the new Form W-4 is submitted. (For estimated tax payments, you can make adjustments each time quarterly payments are due.)

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With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment. (more…)

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While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. (more…)

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The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. (more…)

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Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. (more…)

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Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. (more…)

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Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable when you file your 2018 return next year. (more…)

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Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. (more…)

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Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. (more…)

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If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018. (more…)

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Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits and is simple to set up. Best of all, there’s still time to establish a SEP for 2017 and make contributions to it that you can deduct on your 2017 income tax return. (more…)

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With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. (more…)

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Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits. (more…)

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Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. In effect, the reduced tax benefits will mean these expenses are more costly to a business’s bottom line. (more…)

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Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, but it ultimately survived. However, for 2018 through 2025, the Tax Cuts and Jobs Act imposes a new limit on the state and local tax deduction. Will you benefit from the sales tax deduction on your 2017 or 2018 tax return? (more…)

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Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of all of these changes is what will ultimately determine whether you see reduced taxes. One interrelated group of changes affecting many taxpayers are those to personal exemptions, standard deductions and the child credit. (more…)

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The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17). After all, why go through the hassle of filing your return earlier than you have to? (more…)

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Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI).
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The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses.
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On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers.
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Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire.
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The House of Representatives voted on Tuesday afternoon to pass the Tax Cuts and Jobs Act by a vote of 227–203 and it passed in the Senate by a vote of 51-48. Due to technicalities, The House re-voted on the bill this morning, once again passing it, by a vote of 224-201, and it is now going to President Donald Trump for his signature. The president is expected to sign the bill, but the White House has not announced when he will sign. (more…)

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One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase.
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The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:
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Tax laws for businesses are constantly changing, and they seem to get more complicated every year. Join Roth&Co expert Yosef Klein, CPA to learn the most important tax moves to make before the calendar flips—so you can keep more of your hard earned money and feel confident going into 2018.

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On November 16th , the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected to take up the bill after it returns from its Thanksgiving recess. Once it is approved by the Senate, these two bills will need to be reconciled and approved by Congress before it is sent to President Trump to be signed. The U.S. House of Representatives passed the Tax Cuts and Jobs Act bill, H.R. 1, by a vote of 227–205, on Thursday afternoon, November 16th with all Democrats and 13 Republicans voting no. The legislation as passed had not been amended since its approval by the House Ways and Means Committee last week.
The following extensive, but not exhaustive list compares the major differences between the House and Senate tax reform bills and current tax law.

Click here for an extensive (but not exhaustive) list which compares the major differences between the House and Senate tax reform bills and current tax law.

What’s Next?
The House and Senate must then reconcile the two bills. After reconciliation, the House and the Senate must vote on the final bill and send it to the president before the end of the year. If it doesn’t add more than $1.5 trillion to the national debt over the next ten years, it can pass the Senate with a 51-vote majority. Otherwise, it would require a 60-vote majority to pass, which would be unlikely given the Democratic opposition to the plan.
We will keep you updated as the legislative process moves forward.

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Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases.

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With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. (more…)

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On November 2nd, the Republicans in Congress released a proposed tax reform bill that is designed to cut taxes and simplify the tax code. The bill, titled the “Tax Cuts and Jobs Act,” has yet to pass the House of Representatives and be reconciled with a tax reform bill that is expected to be introduced by Senate Republicans. Also, the final version must be signed by President Trump to become law. However, the bill was referred to the House Ways and Means Committee and is considered to be a framework for the tax reform that is championed by the president.

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Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. (more…)

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If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. (For simplicity, when we refer to “partnerships,” we’ll include in our definition limited liability companies that are treated as partnerships for federal tax purposes.)

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With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan.

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If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful acquisition, it’s important to devote resources to tax planning before your deal closes.

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At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax code provides a special break that makes it a little easier for these educators to deduct some of their expenses.

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Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs.

Pass the tests
The first requirement is that the move be work-related. You don’t have to be an employee; the self-employed can also be eligible for the moving expense deduction.

The second is a distance test. The new main job location must be at least 50 miles farther from your former home than your former main job location was from that home. So a work-related move from city to suburb or from town to neighboring town probably won’t qualify, even if not moving would increase your commute significantly.

Finally, there’s a time test. You must work full time at the new job location for at least 39 weeks during the first year. If you’re self-employed, you must meet that test plus work full time for at least 78 weeks during the first 24 months at the new job location. (Certain limited exceptions apply.)

What’s deductible
So which expenses can be written off? Generally, you can deduct transportation and lodging expenses for yourself and household members while moving.

In addition, you can likely deduct the cost of packing and transporting your household goods and other personal property. And you may be able to deduct the expense of storing and insuring these items while in transit. Costs related to connecting or disconnecting utilities are usually deductible, too.

But don’t expect to write off everything. Meal costs during move-related travel aren’t deductible. Nor is any part of the purchase price of a new home or expenses incurred selling your old one. And, if your employer later reimburses you for any of the moving costs you’ve deducted, you may have to include the reimbursement as income on your tax return.

Questions about whether your moving expenses are deductible? Or what you can deduct? Contact us.

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Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help:

0% capital gains rate. If the child is in the 10% or 15% income tax bracket, instead of giving cash to help fund a down payment, consider giving long-term appreciated assets such as stock or mutual fund shares. The child can sell the assets without incurring any federal income taxes on the gain, and you can save the taxes you’d owe if you sold the assets yourself.

As long as the assets are worth $14,000 or less (when combined with any other 2017 gifts to the child), there will be no federal gift tax consequences — thanks to the annual gift tax exclusion. Married couples can give twice that amount tax-free if they split the gift. And if you don’t mind using up some of your lifetime exemption ($5.49 million for 2017), you can give even more. Plus, there’s the possibility that the gift and estate taxes could be repealed. If that were to happen, there’d be no limit on how much you could give tax-free (for federal purposes).

Low federal interest rates. Another tax-friendly option is lending funds to the child. Now is a good time for taking this step, too. Currently, Applicable Federal Rates — the rates that can be charged on intrafamily loans without causing unwanted tax consequences — are still quite low by historical standards. But these rates have begun to rise and are also expected to continue to increase this year. So lending money to a loved one for a home purchase sooner rather than later might be a good idea.

If you choose the loan option, it’s important to put a loan agreement in writing and actually collect payment (including interest) on the loan. Otherwise the IRS could deem the loan to actually be a taxable gift. Keep in mind that you’ll have to report the interest as income. But if the interest rate is low, the tax impact should be minimal.

If you have questions about these or other tax-efficient ways to help your child or grandchild buy a home, please contact us.

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The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes.

Trump outlined his proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and American Jobs” and “The Biggest Individual and Business Tax Cut in American History.”

Speaking to reporters at the White House, Treasury Secretary Steven Mnuchin and Trump economic adviser Gary Cohn described the president’s priorities, but repeatedly rebuffed requests for details, saying those would be hammered out in negotiations with congressional leaders in the months ahead. Most of the policies hewed to those Trump put forth last fall on the campaign trail, most prominently, cutting the corporate income tax rate from its current 35% to 15% and extending it to passthrough entities, i.e., S corporations, partnerships, and entities taxed as partnerships.

Individuals
For individuals, Trump would replace the current seven graduated tiers of marginal rates (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with three: 10%, 25%, and 35%—slightly broader than the 12%, 25%, and 33% he proposed last fall. Mnuchin and Cohn declined to say at what income levels those rates would apply. Trump also reiterated his call for repeal of the net investment income tax of 3.8% imposed on unearned income and gains of high-income taxpayers by the 2010 Patient Protection and Affordable Care Act, P.L. 111-148.

The proposal would double the standard deduction; however, it would limit itemized deductions to mortgage interest and charitable contributions. It would provide “tax relief for families with child and dependent care expenses,” but neither the document nor the officials said how that might differ from the current tax credit for child and dependent care expenses available under Sec. 21.

Trump had also previously proposed repealing the alternative minimum and estate taxes. The latter currently applies only to estates larger than $5.49 million per individual. As he has previously, Trump called for ending “tax breaks that mainly benefit the wealthiest taxpayers,” but did not provide details or examples. The proposal did not specifically address the tax treatment of carried interests, which are currently taxed at capital gain tax rates. Trump, along with many Democrats, has said in the past he favors curtailing this treatment.

Businesses
For businesses, besides lowering the top tax rate to 15%, the proposal calls for a territorial system of taxation, which generally would exclude from taxation foreign earned income. It also would impose a “one-time tax” on corporate earnings realized and held overseas and on which tax is deferred, possibly the same as, or consistent with, a deemed repatriation tax that Trump has previously proposed at a 10% rate.

Absent from the proposal was any mention of a border-adjustment, or destination-based cash flow, tax, which has been a key feature of the congressional Republican “blueprint” for tax reform and that Trump has discussed as a possibility previously. The proposal, however, has been widely criticized as problematic for U.S. importers and others and likely to be challenged internationally under World Trade Organization rules.

The plan does not specifically mention passthrough entities, but when he was a candidate, Trump’s tax plan included a provision that would allow owners of passthrough entities to be taxed at the proposed 15% business rate. When asked if this would provide an incentive for individuals to form passthrough entities to avoid the higher individual tax rates, Mnuchin answered that “we will make sure that there are rules in place to make sure wealthy people can’t create passthroughs” to lower their taxes.

Mnuchin said the administration would like to “move as fast as we can and get this done this year.” Congressional leaders have expressed reservations about aspects of the proposal, notably, the depth of the cuts without specifically identified revenue offsets and prospects for their passage at the intersection of budget and procedural rules. Trump claimed during the presidential campaign that his plan was revenue-neutral; it would have to be, or the cuts would have to be temporary (typically ending within a 10-year budget window), for it to advance under the reconciliation process, by which the Senate can bypass a filibuster and pass the legislation with a bare majority instead of 60 votes. Mnuchin said the proposal would “pay for itself, with economic growth and with reduction of different deductions and closing loopholes.”

For more analysis, the following are two articles analyzing the president’s tax plan.
Likely Winners & Losers Under The Trump Tax Plan
by Kelly Phillips Erb
https://www.forbes.com/sites/kellyphillipserb/2017/04/27/likely-winners-losers-under-the-trump-tax-plan/#1bfdc945ed58

Devoid Of Details, Trump’s Latest Tax Plan Nothing But Empty Promises
by Tony Nitti
https://www.forbes.com/sites/anthonynitti/2017/04/27/devoid-of-details-trumps-latest-tax-plan-nothing-but-empty-promises/#3b71749938da

http://www.journalofaccountancy.com/news/2017/apr/trump-tax-priorities-tax-reform-201716547.html

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House Republicans have unveiled a repeal and replacement plan for the Affordable Care Act (ACA). The GOP’s American Health Care Act (AHCA) would eliminate most of the ACA’s taxes, including the penalties connected with the individual and employer mandates, the net investment income (NII) tax and the Additional Medicare tax. Left in place, although delayed, would be the excise tax on high-dollar health plans. Also left in place, would be a number of non-tax provisions related to scope of coverage, benefits and children – including allowing dependents to continue staying on their parents’ plan until age 26, prohibiting health insurers from denying coverage or raising rates to patients based on pre-existing conditions, and forbidding lifetime limits on insurance coverage.

The House GOP plan has been rejected by Democrats. Some Republicans have said the plan does not go far enough in repealing all of the ACA. As March moves forward, a vote on the House floor is eventually expected.

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The New York State Department of Taxation and Finance (NYSDTF) clarified its position Friday on whether practitioners can check the “no applicable ID” box on a return if their client, despite having a valid driver’s license number, refuses to disclose it.

“In this transition year, the first where New York is requiring taxpayers’ driver’s license information, we will permit preparers to check the ‘No Applicable ID’ box if the taxpayer refuses to provide the information,” NYSDTF acting Commissioner Nonie Manion wrote in a statement. “IF this is necessary, contemporaneous information should be kept to document the preparer used due diligence to obtain the information and the taxpayer refused.”

Manion’s statement addressed ambiguities that have emerged in the wake of the state tax department’s new requirement that all taxpayers provide their driver’s license (or other DMV-issued ID) information on their e-filed returns as an extra layer of verification. Shortly after announcing the new requirement, which practitioners had complained came with little advance notice before tax season, the department said through various spokespersons that if a client does not want to share this information, preparers may check the “No Applicable ID” even if the taxpayer does, in fact, have an applicable ID—and the return would be accepted.

However, a Feb. 17 update to the state’s Business Taxpayer Answer Center, said otherwise. In response to the question, “If my client is known to have a valid driver license or state-issued ID, but chooses not to disclose it, can I check the No applicable ID box without repercussion? Am I required to disclose this?” the state tax department site stated that “if a tax professional knows his client has a driver’s license or non-driver’s license ID, but he client refuses to comply with the requirement to provide that information, the preparer cannot certify truthfully and submit the return with the No ID box checked.”

This caused confusion among tax professionals who suddenly were unsure about what was or was not allowed. After a conference call between Manion and NYSSCPA leadership on Friday, NYSDTF drafted the statement saying that, this year, preparers can check the box in the event that their client refuses to supply the information, so long as they retain the required documentation stating that they used due diligence to obtain the ID information. Manion said NYSDTF would update its website with the updated information shortly.

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Recent Executive Actions by Trump Administration Cast Doubt on Tax Regulations Impacting Asset Management Industry

Summary

On January 20, 2017, the White House chief of staff communicated President Trump’s plan for managing the federal process at the outset of his administration. As part of this plan, the president’s appointees or designees are to be provided with sufficient time to review pending regulations. In order to provide sufficient time to complete their review, the Administration requested that pending federal regulations be postponed. Tax regulations covered by the request are effectively frozen and subject to change or withdrawal.

On January 30, 2017, President Trump issued an executive order intended to reduce overall government regulation. Pursuant to this executive order, executive departments and agencies are required to identify at least two existing regulations to be repealed prior to the issuance of a new regulation. The executive order also imposes annual limitations on the incremental costs of new regulations.
The breadth of the regulatory request and executive order is not yet clear. It is therefore unknown if guidelines are limited to Treasury Regulations published in the Federal Register or other regulatory guidance such as Revenue Rulings, Revenue Procedures, and Notices.

A number of tax regulation projects may be impacted by these developments. Particularly relevant to the asset management industry are proposed regulations under the new uniform partnership audit rules and dividend equivalent withholding regulations under Section 871(m) of the Internal Revenue Code. These regulation projects are described below.

Details

Partnership Audit Rules
The Bipartisan Budget Act of 2015 included provisions that fundamentally alter the manner in which partnerships, such as hedge funds and private equity funds, are audited by the IRS. The so-called “TEFRA” rules were replaced with a regime that allows the IRS to make assessments at the partnership level, subject to certain elections to either opt out of the law or push out the assessments to partners. The law is scheduled to be effective for tax years beginning in 2018. There are many complexities and unresolved issues with the law, some of which the asset management industry was hoping would be clarified through technical corrections and regulations. These issues include:

Determining whether funds will be required to create ASC 740 (FIN 48) reserves for positions that were previously partner-level as opposed to fund-level – e.g., wash sales;
Determining who will be the “partnership representative” for non-U.S. fund managers;
Determining how much pressure fund managers will receive from investors to make the opt-out and/or push-out elections;
Determining how the push-out election will work in tiered arrangements, such as master-feeder structures; and
Adopting and implementing the rules in the States.

The IRS had published regulations on January 24, 2017, but subsequently withdrew them pursuant to the January 20, 2017, freeze order.

Dividend Equivalent Withholding
Over the past decade, Congress and the Treasury Department repeatedly expressed concern over perceived abuses by foreign investors’ use of swap contracts and other derivatives to avoid U.S. withholding on dividend income from investments in U.S. stocks. In 2010, Congress enacted Section 871(m) to require U.S. withholding, in certain circumstances, on “dividend equivalents” from “specified” notional principal contracts, as well as “equity linked instruments.” Compliance with these rules is highly complex and costly to the banking and asset management industries.

On President Obama’s last day in office, the IRS released regulations that provide guidance on the rules. Despite the fact that the Section 871(m) regulations were officially published on January 24, 2017, after the January 20, 2017, freeze order, the IRS did not withdraw them. The IRS released a statement indicating that the regulations were approved by the Office of Management and Budget. However, it is unclear whether the IRS received approval from the administration for this action in accordance with the freeze order. It is possible that the IRS may need to withdraw them in the near future.
Insights

The above regulations may remain in a state of limbo until President Trump assembles a team of tax policy officials that will give direction to the Treasury Department and IRS. There are also larger questions of tax reform and whether the Partnership Audit Rules and Dividend Equivalent Withholding Rules will be targeted for repeal in connection with that reform or other actions of the Trump administration.

Roth & Co.’s team can assist you with all of your accounting and financial needs. Speak to your account representative for more information, or contact an accountant today at 718.236.1600 to schedule an appointment.

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In a recent article, the New York Times declared: “If a family is considering doing some tax planning and they’re putting it off to next year, they can’t go back in time and take advantage of the discounts.” The reason for this dramatic declaration is the fact that proposed IRS regulations aim to eliminate valuation discounts and severely limit the ability to shift wealth. These proposed regulations may significantly impact our ability to provide the ideal estate tax planning to you and our high net-worth clients.
The recent elections illustrate the importance of proper tax planning. President-elect Donald Trump has vowed to repeal the estate tax and replace the “death tax” with a capital gain tax on assets upon the owner’s death. Democrats vow to block any such efforts and plan to reduce the gift tax exception to $1 million. This volatility means that the perfect time for estate planning is now, before any extreme changes are made that limit planning tools that are currently available.

Estate Taxes
Estate tax is a 40% tax that is applied to the fair market value of a decedent’s estate or transfers in the form of gifts during his or her lifetime. In order to limit the double taxation effect of the estate taxes, Congress allowed for a tax credit to allow for a small estate, or an estate with assets of less than $5.45 million, to be exempt. This credit allows for a lifetime exclusion, per person, to transfer up to $5.45 million without being subject to tax.

Tax Planning
An extremely popular tax planning technique to minimize estate taxes is by transferring assets that are held in privately-owned businesses at a reduced fair market value. The fair value of a privately-held business is different from the market value of a publicly-traded stock because of the lack of marketability. Likewise, shares with significant influence or control of a business are more valuable than debt or equity with no voting rights. These concepts provide for a discount that can shrink the appraised value of a business asset by up to 40% and can be used to minimize any estate or gift taxes.

Proposed Regulations
The Treasury Department stated its desire to eliminate these valuation techniques by 2017. This will increase the value of businesses for estate or inheritance tax purposes, including capital gain taxes as proposed by the incoming administration.

Estate Planning
Estate planning involves more than just Federal taxes. Most states levy inheritance taxes and may have restrictions on any Federal tax planning. In addition, basic estate planning documents and trusts can be used to protect assets from creditors, predators or divorce. Finally, business planning and succession may be necessary to specify business continuity while providing for family members who are not involved in the business.

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1. Don’t Confuse Profits With Cash
When booking profits on paper, be sure to have the cash in the bank. This may seem obvious, but a lot of business owners don’t make the distinction—to their detriment. For example, your business may get a big order, but you have to sink money into production to fill it. If the client pays you 90 to 120 days later, your cash flow can turn negative. According to Parsons, many small businesses that fail do so not because they are unprofitable, but because they run out of money. The reasons vary, from long payment cycles to inventory management to a lack of investment capital. Understanding the levers that impact your cash flow can help you get a handle on this important metric. Parsons recommends using one of the many free cash flow calculators available to analyze and forecast your cash flow, like this one on her company’s site.

2. Revamp Your Payment Terms
Many small-business owners are at the mercy of big clients, who may take 60 or 90 days (or more!) to pay them. “We give our clients free money for 60 days,” says Parsons. “No bank would do that!” Parsons advises small-business owners to get tough and put clear payment policies in place. Know your industry averages. If other companies in your field have 15-day payment terms, you should too. And it’s not enough to stamp “Net 30” on invoices. Parsons recommends adding a late fee for tardy payments. For service-oriented companies, she suggests requiring bigger up-front deposits to cover costs and collecting the balance upon delivery. Finally, she advised, don’t underprice. Make sure you are building in a healthy profit margin and that you account for your time, including time spent traveling and planning. “It’s okay to charge for what you’re worth,” she says.

3. Plan for the Future
Don’t wait until it’s too late. Make sure you have enough cash to manage your business and cover upcoming expenses. Parson says that, according to her conversations with bank lenders, when a small business approaches a bank for a loan, 90 percent of the time they are already in trouble. The time to go to the bank, she says, is when things are going well and you foresee a need for cash in the future. That advice goes for outside capital too, says Kramlich. Building relationships with funders takes time, whether it’s a bank loan or a venture investment, so business owners should be looking out six to 18 months.

4. Understand Your Funding Options
There are many types of financing, each with their own costs and benefits. So business owners must assess what kind of capital is right for them. Loans that are secured—that is, that are backed by collateral of some sort—are often the lowest cost. That includes SBA loans and mortgages. Other asset-backed loans, such as factoring or purchase order financing, advance funds based upon your accounts receivable. These types of money lenders may take a really hefty chunk of your receivables, in some cases up to 40 percent, says Kramlich. But the trade-off might be worth it for business owners who need cash quickly. Debt can be valuable, says Kramlich, but sometimes it’s not enough to fuel a growing company. In that case, entrepreneurs may want to consider equity. Equity, or selling shares in your company, can be a great source of long-term capital, she says. That includes investments from friends and family, crowdfunding, angel investors, accelerator programs and venture capitalists. But you will give up some ownership of your company. The outside ownership, or dilution, is typically lowest with friends and family, but increases with angel and venture investors. A hybrid option is to invest in convertible debt, an interest-bearing loan that converts to stock over time. But Kramlich warns entrepreneurs to read the fine print closely and make sure they understand the terms, including how much of their company they are giving up.

5. Use Your Cash Flow to Help Attract Investors
Reiterating the importance of managing your cash flow, Kramlich stresses that a history of positive cash flow can help in obtaining outside capital. “Anyone who is going to finance you is going to look at that,” she says. In general, she advises businesses to do as much as they can to organically fund their growth and generate cash flow before turning to outside capital.

6. Leave the Excuses Behind
Finally, stop making excuses and start getting a grasp on your cash flow. “I hear all the excuses,” says Parsons, “from ‘I don’t have time,’ to ‘Why should I forecast, it never comes true?’” The fact is, an investment in understanding your cash flow may be the smartest one you can make.

Roth&Co’s team can assist you with all of your accounting and financial needs. Speak to your account representative for more information, or contact an accountant today at 718.236.1600 to schedule an appointment.

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Israel Your Home: No Longer A Tax Shelter

On September 30, 2016, Israeli banks and financial institutions delivered all financial information about American clients and U.S. Green Card holders with Israeli bank accounts to the Israel Tax Authority. The Israel Tax Authority is expected to supply the IRS with the names, account numbers and account balances of any U.S. account holders with more than $50,000 shortly.

Foreign Account Tax Compliance Act (FATCA)

On June 30, 2014 the American and Israeli governments entered into an intergovernmental agreement (IGA) to target taxpayers who use foreign accounts for tax evasion purposes. On August 1, 2016 the Knesset Finance Committee approved the implementation of FATCA along with other regulations passed by the Finance Ministry. Although the agreement was challenged to be unconstitutional, the Israeli Supreme Court threw out the petition and allowed Israeli banks to enforce the law. Under the law, bank accounts of American citizens and Green Card holders with more than $50,000 will be reported to the IRS. In addition, banks that are suspected to withhold information may be required to supply the IRS with all account information.

In addition, a temporary agreement allows for gemachim and nonprofits to not be reported until 2018. Under this agreement, gemachim will have to register with the Israeli Tax Authorities to be designated as “public service institutions” and be exempt from FATCA.

Many Americans maintain bank accounts in Israel for various reasons: business ties, costs associated with owning real estate in Israel, accounts to assist family members, etc. It is completely legal to have an account in Israel, provided that (1) the account is disclosed to the IRS on (a) IRS Form 1040, Schedule B, (b) the “FBAR“, Report of Foreign Bank and Financial Accounts, Form TD 90-22.1, (c) new IRS Form 8938, Statement of Specified Foreign Financial Assets, and (2) income earned in the account, including interest, dividends and capital gains, is reported to the IRS and taxes paid on this income. (Taxes paid in Israel on such income may offset U.S. taxes.) So long as these conditions are met, the account is tax compliant. If the account is not tax compliant, a U.S. taxpayer who owns or has beneficial interest in an Israeli account can be prosecuted for civil and criminal tax fraud.

October 05, 2016

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Your Inheritance Is At Risk: Uncle Sam Wants a Bigger Piece

Elvis Presley may still be alive, but the Internal Revenue Service collected a whopping 73% of his estate in taxes. Financial titans and politically connected men such as J.P. Morgan, John D. Rockefeller Sr. and Frederick Vanderbilt lost a significant majority of their wealth due to estate shrinkage. All this was a result of poor estate planning. Estate planning allows an individual to transfer wealth during his life and after his death with the least possible negative tax consequences. There are various devices used to transfer property to family and friends, and an essential tool for estate planning are the valuation discounts. However, on August 2, 2016, the Treasury Department published Proposed Regulations that may substantially reduce the availability of valuation discounts for estate planning purposes.

What is estate planning?

Estate planning involves devising financial strategies to ensure that the decedent’s wishes are honored with respect to transferring property and business succession. In addition, an advisor can plan the transfer of property in a way that it can avoid the arduous probate process and reducing estate shrinkage by reducing the tax burden. An effective estate plan can be made by means of gifting the assets or transferring property to a trust during the lifetime of the transferor.

What is estate tax?

The unified federal transfer tax is a tax that is imposed on the transfer of wealth. The fair market value of an estate is subject to a tax of up to 40%, with an exemption amount of $5,450,000 for 2016 (indexed for inflation). In addition, a donor is liable to pay taxes on gift transfers during his or her lifetime in excess of the annual exclusion of $14,000. However, a gift splitting election allows married spouses to give away an amount up to twice the annual exclusion to a donee without paying gift taxes.

What is fair market value?

Estates and gifts are taxed on the fair market value of the transferred assets. Accordingly, transferred assets must be appraised to determine its value. The IRS (Revenue Ruling 59-60) defines fair market value as “the price at which the property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of relevant facts.”

What are valuation discounts?

Valuation discounts reduce the fair value of an asset and can thus significantly diminish the tax burden. In addition, assets may be discounted to an extent so that it would not exceed the exemption amount. The two primary discounts are the discount for lack of control (also known as the minority discount) and the discount for lack of marketability (also known as the liquidity discount).

Discount for Lack of Control

The discount for the lack of control occurs when a transferor transfers minority interests in S corporations, family limited partnerships or limited liability companies. In theory, a person owning a 100% interest has greater control over the entity operations and would have a greater value than a person owning 51%, or limited control. This limited control is a result of having a partner or partners who must agree with business management decisions that require unanimous consent. Hence, the minority discount reflects the lack of control which includes the inability to appoint management or set policies, authorize acquisitions and liquidations of assets, or make fundamental changes. Thus, the IRS states: “In valuing the stock of closely held corporations, or the stock of corporations where market quotations are not available, all other available financial data, as well as all relevant factors affecting the fair market value must be considered for estate tax and gift tax purposes.” In addition, if the transferor imposed restrictions on the transfer of the assets then a minority discount is warranted. In Cravens v. Welch the Court rules that “…no consideration is given to the very apparent fact that minority stock interests in a ‘closed’ corporation are usually worth much less than the proportionate share of the assets to which they attach.”

Thus, the minority discount became a popular estate planning vehicle with the assets being discounted by 10% to 40%. For example, if Individual A owns an LLC with a net worth of $100 million, he can transfer a 10% interest ($10 million) at a 40% discount, or $4 million, to save $1.6 million in Federal gift tax.

Discount for Lack of Marketability

The fair value of a publicly-traded stock assumes that members can liquidate their investment and convert it into cash in a reasonable amount of time. However, interests in non-marketable, closely held investments, with no established markets complicates their conversion into cash. Accordingly, a discount for the illiquidity of the investment, or lack of marketability, can be assumed. The SEC (Accounting release No. 113) states: “Restricted securities are often purchased at a discount, frequently substantial, from the market price of outstanding unrestricted securities of the same class. This reflects the fact that securities which cannot be readily sold in the public market place are less valuable that securities which can be sold.” Indeed, studies of restricted stock of public companies, pre-IPO studies, and merger and acquisition studies indicated an historical illiquidity discount of 10%-50%. This discount, taken in seriatim with the minority discount, can result in a substantial reduction in the value of gifted or inherited assets.

Proposed Regulations

To address the fact that taxpayers were imposing restrictions on transferred interests in order to artificially reduce the value of assets for gift tax purposes, the Treasury Department published Proposed Regulations to Chapter 14 of the Internal Revenue Code. The Treasury Department did not like the fact that gifts were structured in a way that assets were divided between multiple family members or contain restrictions in order to trigger the minority discount. Accordingly, the proposed regulations – once enacted – will substantially limit the valuation discounts if the transferor or a related party – including members of the transferor’s family or an entity holding interests for such persons – can collectively remove or override those restrictions. Thus, family-controlled entities with business governance documents that contain restrictions that can be reversed or amended by family members or related entities (acting in unison, if necessary) will have limited use of valuation discounts.

Nevertheless, the Proposed Regulations must undergo a 90-day comment period and a public hearing is scheduled for December 1, 2016. Any final Regulations issued after this comment period will go into effect only 30 days after those final Regulations are published. Accordingly, it is now time to act and plan your inheritance in order to minimize the tax burden on your estate.

Roth&Co’s Trusts and Estates Team can assist you with all of your estate planning needs, including business succession planning, Medicaid planning, and trusts and estate planning. Speak to your account representative for more information, or contact an accountant today at 718.236.1600 to schedule an appointment.

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