Tax Tips

Trusts as S corporation shareholders

Trusts as S corporation shareholders

Understanding S Corporation Shareholder Eligibility The S corporation structure offers advantages for many businesses, but adherence to Internal Revenue Code (IRC) and Treasury regulations is crucial to maintaining S corporation status. Compliance is essential to avoid jeopardizing the S corporation standing, which is subject to specific mandates outlined in the IRC. 100-Shareholder Limit and Eligibility

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annual inflation adjustments

Announcement by IRS for annual inflation adjustments for tax year 2024

IRS Announces 2024 Tax Provisions Update The IRS released details on Thursday regarding the annual inflation adjustments for over 60 tax provisions applicable to tax year 2024. These changes, including increases in the standard deduction for both married couples and single individuals, are expected to impact tax returns filed in 2025. The specifics of these

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Navigating Commercial Condo Association Tax Returns A Simplified Guide

Navigating Commercial Condo Association Tax Returns: A Simplified Guide

As the popularity of commercial condominium projects surges, so do the associated tax complexities. Managing the tax return for a commercial condo association can be a challenge without strategic tax planning.  Understanding Commercial Condominium Projects Commercial condo projects enable individuals to own office spaces while sharing common areas like entrances, reception areas, parks, hallways, and

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How to Mitigate AMT Impact on Stock Options Comprehend, Exercise, Mitigate

How to Mitigate AMT Impact on Stock Options Comprehend, Exercise, Mitigate

Incentive stock options (ISOs) can significantly enhance employment benefits, but ISO tax treatment, particularly the Alternative Minimum Tax (AMT), often goes unnoticed. Mastering the strategies to sidestep AMT on stock options is crucial for maximizing income.  Understanding AMT AMT, or alternative minimum tax, is a potential tax liability associated with the exercise of ISOs. During

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Qualified Opportunity Zones

Navigating the Dynamics of Qualified Opportunity Zones (OZ)

 Navigating the Dynamics of Qualified Opportunity Zones (OZ) With the inception of the Qualified Opportunity Zone (OZ) incentive as part of the 2017 Tax Cuts and Jobs Act, the Treasury Department projected a substantial infusion of $100 billion in new capital investment into around 8,700 designated census tracts across the United States. Despite the intricate

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Grantor and Non-Grantor Trusts

Grantor and Non-Grantor Trusts

Trusts have served as integral tools in tax planning for numerous decades, offering various advantages such as: Reducing income tax liability Diminishing estate tax liability Bypassing probate Shielding assets from creditors Dictating posthumous wealth utilization Despite their widespread utility, the term “trust” encompasses a diverse range of trust types, causing many individuals to feel overwhelmed

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Expert Tax, Audit, and Accounting Services in South Florida

At KB CPA Services P.A, we take pride in being your trusted partner for all your financial needs. Our experienced team of professionals offers comprehensive Tax, Audit, and Accounting services to clients in the vibrant communities of Coral Springs, Boca Raton, Tamarac, Fort Lauderdale, Coconut Creek, Margate, and Deerfield Beach. Coral Springs When it comes

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