Practical perspectives for contemporary legal challenges.
The CARES Act made a number of well publicized revisions to the tax code, including as to the payment of employee wages and the deduction of interest and net operating losses. Perhaps lesser known are the revisions in the CARES Act relating to charitable giving. For non-itemizers, there is a new $300 “above the line” …
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The tax code includes a number of provisions that benefit small businesses and small business owners. One of these provisions is contained in Section 1202 which provides for an exclusion of up to 100% of the gain realized on the sale of qualified small business stock (“QSB Stock”). The gain exclusion can provide significant tax …
Continue reading “Section 1202 – Qualified Small Business Stock”
It is not is too late to plan for 2018. Under Section 663(b) of the Code, the “65 Day Rule” provides an opportunity for estates and certain trusts to elect to treat distributions made within 65 days of year-end as if made on the last day of the prior tax year and thus to carry-out …
Continue reading “Estate and Trust Planning Opportunity – The 65 Day Rule”