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 ...

Tagged with: James P. Schnell Keeping Your Balance

Have you experienced a scenario that in hindsight may have been a productive approach vs. two “hired guns,” each exploiting the outer edges of established case law or evolving/accepted industry positions for their specific causes? Seemingly, many attorneys and mediators ...

Tagged with: James P. Schnell Keeping Your Balance

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 ...

Tagged with: James P. Schnell Keeping Your Balance tax law

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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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 ...

Tagged with: James P. Schnell Keeping Your Balance

Making a Section 754 election is a common and often tax advantageous practice upon the transfer of a partnership interest under IRC Section 743(b) or to adjust the basis of partnership property following a distribution through IRC Section 734 (b). ...

Tagged with: James P. Schnell Keeping Your Balance

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 ...

Tagged with: James P. Schnell Keeping Your Balance

As we move towards Labor Day, and the unofficial end of summer, our attention will soon turn (or be pulled) to the upcoming mid-term November elections. Quickly thereafter, attention will turn equally as fast to potential year-end tax legislation. We ...

Tagged with: James P. Schnell Keeping Your Balance

Most of us are aware that New York state recently passed its 2014-2015 budget on time. There were several key aspects related to matters of taxation, some of which are long awaited and cause for much celebration by the individuals ...

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As 2013 winds down and this article is being written, our firm is wrapping up yet another tax planning season for many of our business clients. This is especially true for those who are S-Corporations or partnerships, whose results yield ...

Tagged with: James P. Schnell Keeping Your Balance

On June 26, the U.S. Supreme Court rendered its decision on the case U.S. v. Windsor, no. 12-307, which effectively invalidated Section 3 of the Defense of Marriage Act. This section defined marriage as a union between one man and ...

Tagged with: James P. Schnell Keeping Your Balance

  Have you experienced a scenario which, in hind-sight, may have been a productive approach vs. two “hired guns” each exploiting the outer edges of established case law or evolving/accepted industry positions for their specific causes? Seemingly, many attorneys and ...

Tagged with: James P. Schnell Keeping Your Balance