Typically, nonrecourse loans are not considered at risk for purposes of the IRC §465 at-risk limitations. An exception to the rule does exist though. When qualified nonrecourse financing is secured by real property used in the activity of holding real property, it can be considered at-risk. Personal property or services … Continued
2021 Client Year-End Tax Planning Considerations
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Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed individuals, substantial increases in the child tax credit and the … Continued
Oklahoma “Opportunity Zone” Incentive
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The new tax law has created a method of tax savings by providing tax benefits to taxpayers who reinvest capital gains into vehicles called Qualified Opportunity Funds. These funds hold at least 90% of their assets in Qualified Opportunity Zone Property, which is property in low-income communities. If taxpayers take … Continued
‘Tis the season of employee rewards and bonuses. Below is a quick guide for the tax consequences of gift giving: Bonuses Year-end bonuses are subject to the same payroll taxes that an employee’s normal pay is subject to. This includes all federal and state withholding requirements and the … Continued
Oklahoma Senate Approves Tax Amnesty Program
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If signed by the Governor, individuals who contact the Oklahoma Tax Commission after September 1, 2017 and before November 30, 2017 can make arrangements with the O.T.C. to pay the principal portion of taxes owed and a small user fee in exchange for a automatic waiver of penalties and interest. … Continued
Year End Tax Planning for Individuals for 2016
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While little happened in the way of tax legislation in 2016, there are certain tax breaks from which you may benefit and certain strategies that can be employed to help minimize taxable income and your federal tax liability. For 2016, the top tax rate of 39.6 percent will apply … Continued