TaxConnections


 

Tag Archive for tax relief

Changes To Enterprise Investment Scheme (EIS) And Seed Enterprise Investment Scheme (SEIS) Relief

Enterprise Investment Scheme and Seed Enterprise Investment Scheme relief are being considered by a large number of companies at the moment as a way of raising funds but at the same time enabling investors to obtain attractive income tax and capital gains tax reliefs.

A number of cases have been heard before the First tier and Upper Tribunals that demonstrate how easy it is to fall foul of the complex provisions granting these reliefs. Moreover, there have been a number of changes to the legislation in recent years, and more changes have been announced that will have a significant impact on the operation of the relief.

Risk To Capital Condition Read more

Tax Aspects Of The Bipartisan Budget Act of 2018

Peter J. Scalise, New York, USA, Tax Advisor, Tax Blog, TaxConnections

Introduction

On Friday, February 9th of 2018, President Donald J. Trump signed into law H.R. 1892 entitled the Bipartisan Budget Act of 2018 (hereinafter “BBA”) just hours after the Senate passed the bill by a vote of 71-28 and the House of Representatives passed the bill by a vote of 240-186. The BBA resolved numerous non-tax law related issues for the federal government on a bipartisan basis including but not limited to raising the debt ceiling; domestic and military spending; community healthcare; and disaster relief. In addition, the BBA includes tax relief for certain disasters, a retroactive one-year tax extenders package for statutory tax incentives that previously expired on December 31, 2016 including several highly prevalent energy tax incentive programs pursuant to I.R.C. § 179D and I.R.C. § 45L, amongst a highly diverse array of other statutory tax provisions.

Individual And Business-Entity Tax Relief For Certain Disasters

Read more

The Essentials Of An Effective Business Disaster Recovery Plan

John Adams, Tax Connections

If there’s any guarantee in life, it’s to expect the unexpected. Small businesses are the most impacted when it comes to disasters because they do not usually have a formal disaster recovery plan. As a result, 40 to 60 percent of small businesses close permanently after a disaster, according to Liberty Mutual Insurance.

Do what you can ahead of time to not be a part of that statistic. Now is a great time to review your business’ disaster recovery plan, or to make one if you don’t have one. By focusing on some of the most critical elements of a disaster plan, you can avoid being overwhelmed by the challenge. Read more

Employers May Give Employees Tax-Free Disaster Relief

John Stancil

If they carefully follow the guidelines, employers may give cash payments to employees for disaster relief, tax-free. Under Sec. 139 of the Internal Revenue Code, qualified disaster relief payments to employees are tax free to the employee and deductible by the employer. This includes income as well as social security and Medicare taxes. Read more

IRS Provides Tax Relief to Houston Area Storm Victims; Tax Deadline Extended to Sept. 1

David Green

Texas storm victims, including those in the Houston area, will have until Sept. 1, 2016 to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Read more

The Case Of The Secret Divorce And The Not So Innocent Spouse

Question:

What do a weekend trip to Mexico, a sneaky spouse, and a tax protest letter have in common?

Answer:

They are all components of a taxpayer’s losing plea for tax relief in front of the California State Board of Equalization.*

THE FACTS

Charles and Vickie Sine filed a joint California resident tax return (Form 540) for tax year 2005.  It subsequently came to the attention of the Franchise Tax Board that they had Read more

Meet Tax Experts At TaxConnections...