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Showing 7 posts from March 2015.

IRS Guidance on the Work Opportunity Tax Credit Extension for 2014

As part of the Tax Increase Prevention Act of 2014 ("the Act") that Congress passed at the end of last year, the Work Opportunity Tax Credit ("WOTC") was re-extended for the 2014 tax year. The WOTC provides a tax credit to employers that hire members of certain targeted groups. The WOTC requires that employers obtain certification from Designated Local Agencies ("DLAs") within 28 days of the hiring of the specified individual or prescreen the applicants. Because the WOTC was not actually in effect until the end of 2014, its provisions apply retroactively, and employers now need further time to receive the proper certifications necessary for the credit. More >

What factors bear upon the enforceability of noncompete agreements? P.2

In our last post, we began speaking about some of the factors that are taken into consideration when determining the enforceability of non-compete agreements. We've already mentioned that the fundamental consideration is whether the agreement is reasonable and that there are a handful of factors judges look at when determining the reasonableness of a non-compete agreement. More >

Stock and Asset Sales: Tax Consequences of Each Transaction

As discussed in prior posts, an asset sale transfers only the assets of the business, whereas a stock sale transfers some or all of the ownership interest in the business as well as its obligations and liabilities. In this continuing examination of how to structure a business sale, the next points of consideration are the tax consequences of each transaction and ways they can affect the buyer and seller. These types of structures confer different tax benefits or burdens on each party, so tax treatment is one of the most crucial elements in the sale. More >

What factors bear upon the enforceability of non-compete agreements?

For businesses, non-compete agreements can be an important way to protect their interests in work product, resources and other knowledge to which employees become privy in the course of their employment. Non-compete agreements, though, are only effective when they are properly drafted, and it is important for businesses to have a strong grasp of the requirements for a valid agreement and to make sure they implement processes to ensure the validity of any agreements they negotiate with employees or prospective employees. More >

1031 exchange: a business strategy to defer capital gains tax, P.2

In our last post, we began speaking about the potential for businesses to take advantage of tax law to defer capital gains tax on business property they want to relinquish. One important thing to point out, though, is that business owners who feel they may benefit from this tax strategy should always seek out professional help in doing so to ensure they have a thorough understanding of the process and that they avoid complications. More >

The Basics of Charitable Remainder Trusts

Planning on making a large gift to charity? Rather than making a gift outright, it might beneficial to consult an attorney and set up a charitable remainder trust, an instrument that allows you to donate to charity while still receiving income from the property, as well as providing tax breaks to the settlor and settlor's heirs. These types of trusts can be a crucial element of an estate or financial plan, especially if you are considering making large charitable gifts. More >

1031 exchange: a business strategy to defer capital gains tax

For businesses, it is important to be aware of strategies that can help decrease tax liability. In this post, we want to talk about one such strategy: 1031 exchanges, also called like-kind exchanges. This tax strategy essentially involves the exchange of a business or investment asset—usually, but not necessarily, real estate—for another. Corporate stock and partnership interests are not eligible for 1031 exchanges. More >

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