Sentences with phrase «federal tax liabilities for»

Not exact matches

The downside to an LLC, however, is that it forces the business owner into higher tax liabilities, as distributions from an LLC are taxed as ordinary income with rates as high as 37 percent, at the federal level, and 13.3 percent at the state level, for a combined federal / state tax of 50.3 percent!

He is a Certified Specialist both in Taxation Law and in Estate Planning, Trust & Probate Law (The State Bar of California, Board of Legal Specialization) admitted to practice law in California, Hawai'i and Arizona (inactive), specializing in Federal and state civil tax and criminal tax controversy matters and tax litigation, including tax - related examinations and investigations for individuals, business enterprises, partnerships, limited liability companies, and corporations.

We could also incur an indemnification obligation for significant U.S. federal income tax liabilities resulting from actions taken by us under the tax indemnity and sharing agreement.

But if the state issued a dollar - for - dollar state tax credit for charitable contributions made to, say, the state's general infrastructure fund, the first $ 6,000 donated, though reducing state tax liability by $ 6,000, does nothing to lower federal taxes owed because the taxpayer would still take the standard deduction.

Familiarize yourself with your responsibilities as an employer and your projected tax liability for payroll taxes, federal unemployment tax (FUTA) and state unemployment tax (SUTA).

In the six months ended March 31, 2018, as a result of the U.S. Tax Cuts and Jobs Act, Post recorded a $ 265.3 million one - time income tax net benefit which included (i) a $ 272.4 million benefit related to an estimate of the remeasurement of Post's existing deferred tax assets and liabilities considering both the expected fiscal year 2018 blended U.S. federal income corporate tax rate of approximately 24.5 % and a 21 % rate for subsequent fiscal years and (ii) a $ 7.1 million expense related to an estimate of the transition tax on unrepatriated foreign earninTax Cuts and Jobs Act, Post recorded a $ 265.3 million one - time income tax net benefit which included (i) a $ 272.4 million benefit related to an estimate of the remeasurement of Post's existing deferred tax assets and liabilities considering both the expected fiscal year 2018 blended U.S. federal income corporate tax rate of approximately 24.5 % and a 21 % rate for subsequent fiscal years and (ii) a $ 7.1 million expense related to an estimate of the transition tax on unrepatriated foreign earnintax net benefit which included (i) a $ 272.4 million benefit related to an estimate of the remeasurement of Post's existing deferred tax assets and liabilities considering both the expected fiscal year 2018 blended U.S. federal income corporate tax rate of approximately 24.5 % and a 21 % rate for subsequent fiscal years and (ii) a $ 7.1 million expense related to an estimate of the transition tax on unrepatriated foreign earnintax assets and liabilities considering both the expected fiscal year 2018 blended U.S. federal income corporate tax rate of approximately 24.5 % and a 21 % rate for subsequent fiscal years and (ii) a $ 7.1 million expense related to an estimate of the transition tax on unrepatriated foreign earnintax rate of approximately 24.5 % and a 21 % rate for subsequent fiscal years and (ii) a $ 7.1 million expense related to an estimate of the transition tax on unrepatriated foreign earnintax on unrepatriated foreign earnings.

The FWRA advocates for increased federal and state tax incentives to encourage food donation and increased liability protection for donors.

The problem with deductions is that they would be a tax benefit for high - income families while providing no help to those lower - income families because they have no federal tax liability.

Of the remaining 56 % of people who receive some tax credit that results in a net zero federal tax liability a full 30 % receive credits for children and the working poor.

LIHC provides a dollar - for - dollar reduction in federal income tax liability for project owners who develop rental housing that serves low - income households with incomes up to 60 % of area median income.

The proposal would shift some or all of the state income tax liability of employees for whom federal deductibility of state and local taxes is capped to a payroll tax.

Preston Niblack, NYC Deputy Comptroller for Budget, told the panel that Comptroller Scott Stringer's analysis shows about 475,000 mostly middle - class federal taxpayers in the city would face higher tax liabilities under the TCJA.

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

You pay it towards your federal tax liability, so it won't be «deducted» from your earnings for tax calculations, it will be credited towards the tax that you owe.

Residents filing in AL, LA, MO and OR are allowed a deduction for federal taxes equal to your federal income tax liability from your return after subtracting certain federal tax credits.

This election allows you to make a lump - sum contribution up to five times the annual exclusion amount of $ 75,000 per beneficiary in one year and elect to treat the contribution as if it was made ratably over five years avoiding federal gift tax liability, as long as you make no other gifts to the same beneficiary for the next five years.

If you do not have enough money withheld to cover your federal income tax liability, there is a possibility that you might owe, in addition to the tax, a 10 % penalty for not having enough money withheld to cover 90 % of your tax bill.

The vast majority of tax credits you can apply for on your federal return are non-refundable, meaning that they can not exceed your total tax liability.

It stated, ``... the IRS will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles or other in - kind promotional benefits attributable to the taxpayer's business or official travel... This relief does not apply to travel or other promotional benefits that are converted to cash, to compensation that is paid in the form of travel or other promotional benefits, or in other circumstances where these benefits are used for tax avoidance purposes.»

When everything works well, that can simplify things for taxpayers, as it avoids having to use two completely different sets of rules to calculate tax liability for federal and state purposes.

If the IRS garnishes your wages as payment for your federal tax liability, up to 25 % of your disposable income on each paycheck can be confiscated to pay off your debt.

Exemptions are generally granted when there is a loss on the sale of the property, a federal exclusion of the gain on the sale of a principal residence, the transaction involves a like - kind exchange, or for other situations resulting in no Maine income tax liability.

It is a dollar - for - dollar reduction against your federal tax liability.

The fund may in certain circumstances be required to liquidate fund investments to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the fund to satisfy the requirements for qualification as a RIC.

Federal legislation enacted last year allows homeowners who negotiate loan modifications with lenders and have portions of their principal debt eliminated to escape income tax liability for the amount forgiven.

The IRS made its last official tax ruling on rewards points in 2002, when it said that «the IRS will not assert that any taxpayer has understated his federal tax liability» by using miles earned on business trips for personal use.

You are responsible for any federal, state or local tax liability and reporting related to your participation / membership in the Program including any liability relating to any rewards you redeem under the Program.

The extracted gas would be subject to Petroleum Resource Rent Tax (PRRT) payable to the Federal Treasury, but due to the way the PRRT is set up, no PRRT would be payable for at least a decade, and in the meantime PRRT «credits» would offset any income tax liabiliTax (PRRT) payable to the Federal Treasury, but due to the way the PRRT is set up, no PRRT would be payable for at least a decade, and in the meantime PRRT «credits» would offset any income tax liabilitax liability.

The federal ITC allows for 30 % of the system cost to be claimed as a deduction to federal taxes, this incentive may be used over several years to suit anyones tax liability.

For those of you who receive a W2, more likely than not you will have already paid your federal tax liability through your withholdings.

Members of our Tax Group advise clients regarding the federal, state and local income tax consequences of various types of compensation arrangements, ranging from nonqualified deferred compensation arrangements, including rabbi trusts and secular trusts, to complex equity incentive arrangements for participants in partnerships and limited liability companiTax Group advise clients regarding the federal, state and local income tax consequences of various types of compensation arrangements, ranging from nonqualified deferred compensation arrangements, including rabbi trusts and secular trusts, to complex equity incentive arrangements for participants in partnerships and limited liability companitax consequences of various types of compensation arrangements, ranging from nonqualified deferred compensation arrangements, including rabbi trusts and secular trusts, to complex equity incentive arrangements for participants in partnerships and limited liability companies.

State divorce laws conflict with federal tax laws; differences among states» laws can jeopardize child - custody agreements if one or both partners move; and some attorneys are shying away from same - sex divorces for fear of their own liability.

Under both federal and state income tax rules, alimony will be deductible by the payor spouse, and is taxable to the receiving spouse, provided that: (1) the payments are in cash and not in kind; (2) the payments are made incident to divorce or to a separation agreement; (3) the parties have not designated the payments as non-alimony; (4) the parties are not living in the same household; and (5) the payor has no liability for payment after the death of the payee spouse.

For example, among the relevant considerations in deciding upon the appropriate form of business entity are: the extent and scope of liability protection; the state and federal income tax consequences; the flexibility afforded clients in tailoring their desired governance, equity structures, and financial arrangements; the ease of organization and operation; and the extent of the required statutory formalities and their attendant administrative costs.

For 15 years, Scott has defended the Federal Deposit Insurance Corporation (FDIC) in litigation arising out of several failed banks — including Washington Mutual Bank and IndyMac Bank — involving their asset - backed securitization businesses, alleged tax liabilities and deposit insurance limitations.

Prior to joining Owen Bird, Sarah clerked for Justice Gagné at the Federal Court of Canada, where she worked on a wide range of files, including constitutional and charter challenges, crown liability, immigration, intellectual property, tax, and natural resources.

Since it currently qualifies for the full $ 7,500 federal tax credit, your tax liabilities will be reduced by $ 7,500.

When the employee dies, the corporation receives the death proceeds free from federal income tax (except for some potential alternative minimum tax liability).

If any amount is withheld under the backup withholding rules, the non-U.S. holder should consult with a U.S. tax advisor regarding the possibility of and procedure for obtaining a refund or a credit against the non-U.S. holder's U.S. federal income tax liability, if any.

Avoiding tax liability altogether is not possible for most virtual currency holders, and attempting to evade federal taxes can land you in real trouble.

As a result of trying to avoid treating at - home workers as employees, Rosen indicates that background screening firms can potentially face liability for federal and state payroll taxes that should have been paid for misclassified workers, substantial penalties to the IRS or state, fees and damages if litigation is involved, and responsibility for benefits and overtime pay the independant contractors would have received if classified as employees.

As a result of trying to avoid treating at - home workers as employees, Rosen indicates that background screening firms can potentially face liability for federal and state payroll taxes that should have been paid for misclassified workers, substantial penalties to the IRS or state, fees and damages if litigation is involved, and responsibility for benefits and overtime pay the independent contractors would have received if classified as employees.

To provide developers an incentive to build or acquire for rehab affordable for - sale housing, another bill, the Community Development Homeownership Tax Credit Act, S. 875, would make available a credit that developers could apply against their federal tax liabiliTax Credit Act, S. 875, would make available a credit that developers could apply against their federal tax liabilitax liability.

Section 1031 of the Internal Revenue Code («1031 exchange») provides that property held as rental or investment property or property used in your business («relinquished property») can be exchanged for «like - kind» property also held as rental or investment property or property used in your business («replacement property») allowing you to defer your Federal, and in most cases, state capital gain and depreciation recapture income tax liabilities.

Interests in an entity that is considered to be a disregarded - entity for Federal income tax purposes, such as a single - member limited liability company; this entity must hold either legal title to the property or other Qualified Indicia of Ownership.

Or, these buyers may qualify for the NC Home Advantage Tax Credit, which can save them up to $ 2,000 a year on their federal tax liability with a Mortgage Credit CertificaTax Credit, which can save them up to $ 2,000 a year on their federal tax liability with a Mortgage Credit Certificatax liability with a Mortgage Credit Certificate.

A Mortgage Tax Credit offers additional income for first - time homebuyers by cutting down on the amount of federal income tax liability that the borrower owTax Credit offers additional income for first - time homebuyers by cutting down on the amount of federal income tax liability that the borrower owtax liability that the borrower owes.

1031 exchanges are routinely used by individuals, trusts, limited liability companies and corporations to defer short and long term federal and state capital gain and depreciation recapture taxes when selling and replacing real and personal property held for productive use of a business or for investment.

This allows you to reduce your federal tax liability by the amount of your credit, which reduces the overall amount of taxes that you are required to pay for the year.

Section 1031 of the Internal Revenue Code allows you to dispose of certain real or personal property and defer the payment of your federal, and in most cases, state depreciation recapture and capital gain income tax liabilities by exchanging the real or personal property (relinquished property) for qualified use «like - kind» property (replacement property).