The IRS has recently released proposed regulations that may significantly change the landscape of the debt vs. equity distinction. The three most troublesome aspects of these rules to taxpayers are that they permit the IRS to – Treat certain related-party debt as part equity and part debt; Re-characterize certain related-party
Many business owners are surprised to discover that Indiana is among the top states in continued economic growth. In 2010, the rate of economic growth was double that of the rest of the country, according to a report by the Indiana Business Review. Despite past performance, it can difficult
The Endow Kentucky Tax Credit enables any Kentucky taxpayer (business or individual) to receive a state tax credit of up to 20% of a charitable gift to a permanent endowment fund at a local community foundation (up to $10,000 per taxpayer) benefiting a Kentucky-based nonprofit. Married couples may receive a
On April 6, 2016, the Department of Labor introduced a new rule extending and strengthening its existing definition of a fiduciary. Previously, while many financial advisors such as Certified Financial Planners and Registered Investment Advisors were subject to these fiduciary standards, brokers and insurance agents were exempt. Rather, they
Ohio’s taxation of a non-resident’s capital gain from LLC sale deemed invalid In a recent decision by the Ohio Supreme Court, the capital gain resulting from the sale of a non-resident’s ownership interest in an LLC, in which he did not participate in day-to-day management of operations, was not subject
U.S. citizens, residents, and entities who have either a financial interest in and/or signature authority over a foreign financial account may be required to file a report annually with the Department of Treasury. The Report of Foreign Bank and Financial Accounts (officially FinCEN Form 114, but more commonly referred to