Client Alert: U.S. entities are not required meet their CTA Filing Requirements while injunction is in effect. In a recent development regarding enforcement of the Corporate Transparency Act (CTA) and
The tax implications of mergers and acquisitions are complicated and to get the right result requires tax professionals who understand the nuances of the tax classifications of the companies involved. Even if big law firms are involved, sometimes the transactions get more complicated than required even though the tax implications are no different then if the transaction occurred as originally planned under the simplified structure.
Basswood Counsel Co-Founder Christopher Klug shared insights on corporate and business tax implications in the post-election landscape during his presentation at the Global Chamber Baltimore/Washington (BWI) Advisory Board Fall Meeting on November 13, 2024.
Titled “Election Aftermath: Tax Implications Impacting the Bottom Line for Corporate America and Business Owners,” his presentation explored anticipated tax policy changes under the new administration and their potential effects on businesses.
Almost all family offices have a structure that includes ownership of the family office partially through a dynasty trust for efficient estate and gift tax planning. The assets held in a dynasty trust are generation skipping transfer tax exempt and therefore the assets that are held in the dynasty trust are not subject to estate tax at each generational level, thus avoiding a haircut of wealth of 40 percent…
When there is a cross-border merger and acquisition there are additional complexities to plan for, typical acquisition planning in one country may be different than in another country, and the resulting tax implications can be significant.
When there is a cross-border merger and acquisition there are additional complexities to plan for, typical acquisition planning in one country may be different than in another country, and the resulting tax implications can be…
The ERC was first introduced in March 2020 to help employers retain employees through the Covid-19 pandemic. The IRS has made it a priority to recover wrongly claimed refunds through the ERC. Given the ERC required…
The Employee Retention Credit (“ERC”) was first introduced in March 2020 to help employers retain employees through the Covid-19 pandemic. The Internal Revenue Service (“IRS”) has made it a priority to recover wrongly claimed refunds through the ERC.
Target companies in mergers and acquisitions are often directed by the acquiror to change its tax classification preacquisition for U.S. tax purposes. There are several reasons that an acquiror may request the target company to
It is important for employers who made questionable claims for the Employee Retention Credit (“ERC”) to take immediate action to determine whether the ERC Voluntary Disclosure Program (“ERC VDP”) is their best compliance option. Since the…
We would like to take this opportunity to share some exciting developments at the firm that further our commitment to provide customized services to our clients.
U.S. citizens are subject to tax on their worldwide income no matter where in the world they reside.
