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Articles by Peter G. Ness
Opportunity Zones 2.0: What Investors Should Know
Key Takeaways: Opportunity Zones 2.0 makes the federal Opportunity Zone program permanent, with new designations beginning January 1, 2027. New investments will generally have a rolling five-year deferral period, a 10% basis increase after five years, and a potential exclusion of qualifying appreciation after a 10-year holding period. If you expect a significant gain in late 2026 or beyond, now is the time to evaluate whether Opportunity Zones fit into your broader tax and investment strategy.
Why Selling Your Business Feels Like A Black Box
Peter Ness, CPA, LL.M., J.D.’s articles from MGO CPA LLP are most popular: with Finance and Tax Executives in United States with readers working within the Accounting & Consultancy and Aerospace & Defence industries Key Takeaways: Selling a business often feels reactive because critical structural, tax, and operational decisions are made years before a transaction begins.
COVID-19 Disaster Relief Litigation May Create Tax Refund Opportunities If Evaluated Before July 10, 2026
Robert Reitman’s articles from MGO CPA LLP are most popular: with readers working within the Insurance and Healthcare industries MGO CPA LLP are most popular: within Criminal Law, Privacy and Law Department Performance topic(s) with Finance and Tax Executives Recent court decisions interpreting COVID-19 disaster relief provisions related to tax filing and payment deadlines may affect certain IRS penalties, interest assessments, and refund claims tied to the pandemic period.
Integrating Section 1202 Eligibility Into Your M&A Planning
Peter Ness, CPA, LL.M., J.D.’s articles from MGO CPA LLP are most popular: within Tax topic(s) with Finance and Tax Executives in United States with readers working within the Accounting & Consultancy, Aerospace & Defence and Business & Consumer Services industries Taxpayers and advisors must integrate QSBS eligibility into M&A planning well before a liquidity event, as capitalization structures and transaction timing often determine the outcome long before a sale occurs.
How Close Is Your Business To Being Sale-Ready?
Peter Ness, CPA, LL.M., J.D.’s articles from MGO CPA LLP are most popular: within Corporate/Commercial Law topic(s) with Finance and Tax Executives in United States with readers working within the Accounting & Consultancy and Aerospace & Defence industries Key Takeaways: Waiting until a buyer shows up often means missing tax, legal, or operational steps that could have protected value or increased sale price.
Real World Scenarios: Converting LLCs Or S Corporations For QSBS Qualification Before A Sale
Peter Ness, CPA, LL.M., J.D.’s articles from MGO CPA LLP are most popular: in United States with readers working within the Aerospace & Defence industries MGO CPA LLP are most popular: within Criminal Law, Law Department Performance and Insurance topic(s) Key Takeaways: Converting an LLC or S corporation to a C corporation can reposition a business for Section 1202 treatment. A properly structured conversion creates a higher adjusted basis for QSBS purposes.
Did Your QSBS Clock Run Short? Consider A Section 1045 Rollover
Peter Ness, CPA, LL.M., J.D.’s articles from MGO CPA LLP are most popular: in United States with readers working within the Aerospace & Defence industries MGO CPA LLP are most popular: within Criminal Law, Law Department Performance and Insurance topic(s) Key Takeaways: Section 1045 can offer relief for QSBS sold before the required Section 1202 holding period.
What Is Qualified Small Business Stock (QSBS)?
Peter Ness, CPA, LL.M., J.D.’s articles from MGO CPA LLP are most popular: in United States with readers working within the Aerospace & Defence industries MGO CPA LLP are most popular: within Insurance, Real Estate and Construction and Law Department Performance topic(s) Key Takeaways: QSBS eligibility depends on facts, circumstances, and documentation rather than a single form or certification.
Exit Planning FAQs For Business Owners
Peter Ness, CPA, LL.M., J.D.’s articles from MGO CPA LLP are most popular: in European Union MGO CPA LLP are most popular: within Real Estate and Construction, Law Practice Management and Law Department Performance topic(s) with Finance and Tax Executives with readers working within the Accounting & Consultancy and Insurance industries Key Takeaways: The best time to start exit planning is earlier than most owners expect. Preparation today creates flexibility for opportunities tomorrow.
How To Prepare Your Company For A Merger Or Acquisition
MGO CPA LLP are most popular: within Criminal Law, Strategy and Family and Matrimonial topic(s) in United Kingdom Key Takeaways: Relying on income tax-basis financials can create costly challenges when entering a merger or acquisition. Transitioning to GAAP early reduces last-minute rushed work ahead of a liquidity event and can lower fees. Audited financial statements build credibility with buyers, lenders, and investors and may support higher valuations.
New Tax Act Changes To Qualified Small Business Stock Under Section 1202
Key Takeaways: The new tax bill introduces a graded holding period for QSBS, with gain exclusions based on how long shares are held. The fixed gain exclusion under Section 1202 increases from $10 million to $15 million for qualifying shares issued after July 4, 2025. The asset cap for calculating the 10X adjusted basis exclusion rises from $50 million to $75 million, expanding potential gain exclusions for shareholders.
What Two IRS Rulings Reveal About Section 1202 Eligibility
Key Takeaways: In 2021, the IRS issued two rulings with opposite outcomes on whether businesses qualified under Section 1202. The IRS ruled an insurance agency did not perform brokerage services — but found a real estate platform did. These cases highlight the ambiguity in IRS guidance and why businesses should review their status with a tax advisor.
How Your Company Can Unlock Section 1202 Tax Savings
Key Takeaways: Section 1202 offers capital gains exclusion for QSBS but requires detailed qualification and documentation. Eligibility depends on both objective facts and nuanced interpretation of business activity. Companies — not shareholders — should lead the Section 1202 qualification process and share results with investors.
2022 Year-End Tax Planning For Businesses
With the end of the year approaching, it is time to start thinking about moves that may help lower your business's taxes for this year and next. This year's planning is more challenging than usual due to recent changes made by the Inflation Reduction Act of 2022 and the potential change in congressional balance of power resulting from the midterm elections.
2022 Year-End Tax Planning For Individuals And Families
With year-end approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. This year's planning is more challenging than usual due to recent changes made by the Inflation Reduction Act of 2022 and the potential change in congressional balance of power resulting from the midterm elections.
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