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Author Archives: James P. Schnell

Keeping Your Balance: Meals and entertainment deductibility under the Tax Cuts and Jobs Act

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Since Dec. 20, 2017, individual taxpayers and businesses have been absorbing many new rules contained in the Tax Cuts and Jobs Act (TCJA). We have been meeting and discussing with clients in an almost non-stop fashion so they may update ...

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Keeping Your Balance: Repatriation tax holiday — new friend or old foe?

kyb_schnell

As we move closer to substantive Congressional discussions regarding tax reform, which assumedly will encompass both individual and corporate tax packages, one area which will inevitably share the spotlight is the potential for another repatriation tax holiday. U.S. based corporations ...

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Keeping Your Balance: A look at retirement plans employers can offer

kyb_schnell

Both existing and start-up companies routinely seek to analyze whether they should offer a retirement plan and in doing so look to gain an understanding of what options are available and which best suit their current situation, budget or priorities. ...

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Keeping Your Balance: Summertime ‘child’ tax questions

During the summer months we typically receive many inquiries related to the potential tax treatment of various types of summer camp trips, upcoming college departures or potential hybrid situations involving medical and education plans for special needs children. One of ...

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Keeping Your Balance: Reasonable compensation issues in business valuations

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The IRS periodically publishes “Job Aids for IRS Valuation Professionals.” These resources are helpful for IRS Valuation Engineers, other IRS field personnel and valuation professionals in practice. While these documents are issued with a standard disclaimer stating “This Job Aid ...

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Keeping Your Balance: How about an IC-DISC to jumpstart the new year?

For U.S. exporters operating their business via a sole proprietorship or pass-through entity (LLC, S corporation, LP), the available Interest Charge – Domestic International Sales Corporation tax planning benefit can provide a permanent 20 percent federal income tax savings for ...

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