Reconstitution/Dissolution of firm? Transfer of Assets to partner? Wait!! Here are the tax implications Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on distribution of assets by the *firm to its *pa...
In most scenarios, when an asset is purchased, the amount of input tax recovery permitted isfixed in the year in which the purchase takes place. However, certain high value assets aresubject to the Capital Goods Scheme (CGS) and input tax recovery must be adjusted overthe first five or 10...
544Sales and Other Dispositions of AssetsPublication 544 addresses the tax implications (reporting requirements, types of tax due, etc.) of selling or otherwise disposing of assets, such as stocks and other investments, as well as real property. ...
The taxpayer, which had been engaged in a business of manufacturing decorative stonework claddings, sold essentially all its assets in December 2012 pursuant to a bankruptcy proposals that had been accepted by its creditors, and terminated all its non-shareholder employees. After an acquisition of ...
The panel will offer specific guidance on reporting GSTs under various transfer scenarios. The panel will... Read More Revenue Rulings 99-5 and 99-6: Tax Implications of Restructured Partnerships and LLCs February 17, 2025 • CPE, EA • Live Webinar This program is included with ...
The panel will offer specific guidance on reporting GSTs under various transfer scenarios. The panel will... Read More Revenue Rulings 99-5 and 99-6: Tax Implications of Restructured Partnerships and LLCs February 17, 2025 • CPE, EA • Live Webinar This program is included with ...
The first part of the article covered the concept of supply and when a deemed supply will arise. In addition, it also addressed the GST implications of the transfer of a business as a going concern (TOGC). The focus of this article is to look at the four ke...
Consider expanding your investment portfolio by putting your tax refund into stocks, crypto, bonds, or tangible assets like gold coins. Keep in mind the tax implications, including reporting capital gains or interest. Open a 529 plan. If you have children or relatives in need of college saving...
Tax Implications of a Backdoor Roth IRA Remember that in an IRA transfer or conversion to a Roth IRA, you still need to pay taxes on any money in your traditional IRA that hasn’t been taxed. For example, if you contribute $6,000 to a traditional IRA, claim a deduction for the $6,...
An MEC is a cash value life insurance policy that has been stripped of its tax benefits because it contains too much cash. Once reclassified by the IRS as an MEC, the policy's withdrawals and loans are taxed. It's a permanent change and usually disadvantageous for most policyholders, but...