Amid rising property values 1031 exchanges offer new advantages
By Charles R. Kennedy, CPA, MBA Vice President & Director of Tax Services With commercial and residential property values rising rapidly, 1031 like-kind exchanges are becoming more attractive to certain taxpayers who are selling real property that has experienced...Global Intangible Low-Tax Income — GILTI — expands U.S. taxation of certain foreign income
By James J. DeLuca, CPA, MST Senior Tax Manager The acronym GILTI sounds more like a phrase from the James Cagney movie “Public Enemy” than a section of the Internal Revenue Code (IRC), but it is, indeed, a code section that U.S. business owners with foreign...Planning and preparation for business sale keeps process on track
By Frank T. Ardito, CPA Vice president & Director The rapid pace of mergers and acquisitions today is being driven by an unusual set of economic and social factors, including the COVID-19 pandemic and the wave of retirements among the Baby Boom generation. In many...How Taxation of Social Security Benefits is Determined
Congratulations! You’ve retired and started claiming Social Security benefits. But wait – your benefits are subject to federal taxation. This may come as a surprise, as it does with many retirees.