Purchasing a business involves multiple steps and a tremendous amount of due diligence. One important aspect of due diligence is determining the purchaser’s successor liability for the seller’s unpaid sales and use taxes. The purchaser and seller cannot contract away successor liability. Therefore, it is important that the buyer obtain full disclosure of any outstanding.
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The federal Tax Cut and Jobs Act caps an individual’s deduction for state income taxes and property taxes. The cap is $10,000. The change is effective for 2018. In December, Wisconsin enacted legislation to help owners of S corporations and partnerships get around the cap. The new law allows a pass- through entity to elect.
In today’s global market, virtually all businesses import goods in one form or another, primarily from China. Whether it be the component parts incorporated into final products or the equipment used to create those products, the goods that companies are importing from China are cutting deeper into their pocketbooks at a significantly higher rate under.
Last year’s tax reform significantly modified individual and business tax rates. Major changes for individuals (set to expire December 31, 2025) include a reduction in rates, the roughly doubling of the standard deduction, and the removal of personal exemptions. On the business side, the corporate rate fell (with no expiration date) from 35 percent to.
Most people hate filing taxes. We do our best to complete the forms and pay our taxes with accuracy, if not precision. Even when we don’t, the worst we expect is an audit. We don’t expect that our returns could land us in the middle of a criminal tax fraud investigation. Prosecutors and IRS Criminal.