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Articles by Michael Raposa
Keeping It in the Family (Trust): Additional Considerations for Contributing S Corp Shares | JD Supra
A large part of business sucession planning is structuring the transfer of business ownership. While outright transfers can be less complex, transferring ownership in trust can provide practical benefits that are worth navigating the complexity of tax laws and state trust codes.
Business Succession Planning: Pros and Cons of Passing S Corp Shares in Trust | JD Supra
Business succession planning and estate planning are often linked together, particularly in the case of closely held family businesses. In the case of a shareholder who wishes to pass along their shares of an S corporation as defined in IRC § 1361(a) (an “S Corp”), a popular option is to transfer these shares into a grantor trust while the owner is alive, with the trust or a subtrust set to hold these shares for the benefit of others upon the grantor’s death.
Corporate Transparency Act Deadline Extended: What Businesses Must Know | JD Supra
The nationwide injunction against enforcement of the Corporate Transparency Act (“CTA”) and its beneficial ownership information (“BOI”) reporting rule under 31 CFR 1010.380 (the “Rule”) has been stayed pending appeal, and the case expedited to the next available oral argument panel. On Dec. 23, the Fifth Circuit Court of Appeals issued an order in the case of Texas Top Cop Shop, et al. v. Garland et al.
Injunction Halts Enforcement of Corporate Transparency Act: What’s Next? | JD Supra
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction temporarily blocking enforcement of the Corporate Transparency Act (CTA) and its reporting rule (Reporting Rule).
How Will New Congress Impact Tax and Estate Planning Strategies? | JD Supra
With the looming elections, tax planners have taken time to consider what the future of Estate and Gift Tax planning might be under the new Congress.[1] Every new Congress considers changes to the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations, which they will either propose or endorse. In general though, wealthy Americans — and not just billionaires — should expect their taxes to rise in the next four years.
Buy, Sell, Pay Taxes: SCOTUS Decision Places Its Own Premium on Buy-Sell Insurance | JD Supra
All U.S. closely held businesses just received a warning from the highest court in the land that they should review their succession plans (or else risk a higher tax bill for the estates of their owners). On June 6, 2024, the Supreme Court of the United States (“SCOTUS”) issued its unanimous decision on Connelly v. United States.
Decisions, Decisions: Choice of Entity vs. Choice of Tax Classification | JD Supra
June 12, 2024 To embed, copy and paste the code into your website or blog: Before forming any entity, founders need to make two fundamental decisions: which entity type is best for their business operations and which tax classification is best for the owners. Although the entity type and tax classification can be changed after formation, some forethought before forming a business can reduce expenses, taxes, and headaches.
New Domestic Content Adder Guidance: ‘Buy American’ is Back | JD Supra
On May 16, 2024, the Department of the Treasury and the IRS announced the release of Notice 2024-41,[1] which clarifies the safe harbor for classification of project components created in Notice 2023-38 and provides a new safe harbor for the domestic content bonus credit percentages for clean energy tax credits offered under the Inflation Reduction Act.
Converting Office Space to Housing? There Are Incentives For That | JD Supra
With housing availability at record lows in many communities across the U.S., including gateway cities such as New York,[1] and commercial office space still not fully recovered from the COVID-19 pandemic,[2] the federal government is attempting to alleviate both issues by incentivizing the conversion of former office space to residential use.[3] The Biden Administration recently released its guidebook on programs that highlight government-funded grants, loans and loan guarantees to encourage...
1031 Exchanges and the Complexities of Seller Financing | JD Supra
With interest rates nearly the highest they’ve been in decades, but property prices still high, sellers and buyers are looking for ways to finance real estate transactions while also availing themselves of IRC § 1031’s non-recognition of taxable gains in like-kind exchanges (“1031 Exchanges”).
The Brass Tacks: IRS Creates Process for Withdrawing ERC Claims | JD Supra
The Internal Revenue Service (“IRS”) recently granted employers a means to avoid interest and penalties on inappropriately taken Employee Retention Tax Credit (“ERC”) claims.[1] This surely will come as a relief to taxpayers who are (or were) concerned that they may have mistakenly claimed ERCs for tax years 2020-2022.
Gun Trusts in Estate Planning: No Time To Be Quick on the Trigger | JD Supra
When considering an estate plan, clients who own firearms should remember that very often, their firearms require special consideration and planning, particularly given the intricacies of federal, state, and local gun laws and regulations.
How IRS Is Cracking Down on Employee Retention Tax Credit Fraud | JD Supra
The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar broadcast on July 25, 2023, hosted by the IRS’s Office of Fraud Enforcement and National Fraud Counsel, the presenters noted that ERC claims top the IRS’s “Dirty Dozen” list of tax scams at the moment.
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