Sentences with phrase «unintended tax»

Point is though, that there may be unintended tax consequenses to getting your real estate license depending on your strategy.

If you realize that you have purchased a wrong product, even termination of such insurance plans shall have unintended tax consequences as discussed above.

While you may think to purchase life insurance for the sake your family, forgetting to select your intended beneficiaries could mean the proceeds will go to your estate and face unintended tax consequences.

The corporation should be named as beneficiary of the contract to avoid any corporate payments that could cause unintended tax results, such as earned income or dividend payments, 3.

(The rule essentially allows trustees, in certain circumstances, to attack their own decisions and set them aside where there have been, for example, unintended tax consequences.)

As a result beneficiaries suffered unintended tax consequences.

We don't use H - B to undo trustee action that results in unintended tax consequences.

Price adjustment provisions have been included for decades in the context of estate freeze transactions to avoid unintended tax consequences where fair market value is incorrectly initially determined by the parties.

As such, a taxpayer would normally seek a rectification order to correct a failure in the drafting of that written agreement, document, or instrument written which resulted in unintended tax consequences.

the unintended tax consequences were originally and specifically to be avoided, through sufficiently precise obligations which objects, the prestations to execute, are determinate or determinable; and

Rectification does not permit one or both of those parties to amend that agreement after the discovery of unintended tax consequences.

The court permitted Guernsey based trustees of a Guernsey trust to utilise the Hastings - Bass principle to set aside a transaction which had unintended tax consequences.

When unintended tax consequences result from a contract whose desired consequences, whether in whole or in part, are tax avoidance, deferral or minimization, amendments to the expression of the agreement in accordance with art. 1425 C.C.Q. is available only under two conditions: (a) if the unintended tax consequences were originally and specifically sought to be avoided, «through sufficiently precise obligations which objects, the prestations to execute, are determinate or determinable»; (b) «when the obligations, if properly expressed and the corresponding prestations, if properly executed, would have succeeded in doing so».

Dave has a speciality in assisting taxpayers with applying to the courts for rectification of transactions with unintended tax consequences.

Eliminate unintended tax benefits relating to leveraged insured annuities and leveraged life insurance arrangements.

Attorneys who deal in family law frequently need help from a CPA to determine the best way to word stipulations regarding property awards, so that there are not unintended tax consequences.

«There are different results depending upon the character of the lender and borrower (non-profit or a c corporation, s corporation, partnership or LLC), the relationship between the parties (related party transactions may lose the interest deduction), the legal components of debt and equity of the instrument (certain preferred stock can legally be classified as debt in one jurisdiction and stock in another, so interest is a dividend in one country but interest in another and interest is deductible while dividends are not), the purpose of the loan (A CERT can trigger unintended tax costs and money borrowed to pay wages to owners is a big mistake) and much more,» says Spizzirri.

Techniques to avoid probate can cause unintended tax and legal consequences in certain cases if one is not careful.

The corporation should be named as beneficiary of the contract to avoid any corporate payments that could cause unintended tax results, such as earned income or dividend payments, 3.

It said it would also clarify the application of certain rules for limited partnerships to prevent unintended tax advantages.

Time to take away that unintended tax break, while leaving in place the advantages for actively investing in the enterprise.

Not exact matches

And while there are lots of high - income earners who will be affected, it has an unintended side effect that small - business owners (the restaurant owner, the bike shop repairman and the dry cleaning operator), who are considered the backbone of the economy, would likely have to pay higher taxes — and be worse off financially — as well.

High - income Wall Street financiers could be unintended winners from a section of U.S. President Trump's tax - cut plan that is meant to help mostly small, «mom - and - pop» businesses.

As we've seen countless times over the years, tax reforms always come with unintended consequences that only emerge once tax payers have had some time to digest the new rules, adjust their reporting accordingly, and start making the tweaks and refinements that will help them maximize profit and minimize tax.

To wit, as in Germany, this incompetently written tax policy would produce the unintended consequence of radicalizing Americans further.

A massive tax - cutting package championed by the Kansas governor is having unintended consequences.»

Bottom line: The new tax law is complex, and surprises and unintended consequences are expected — and appearing.

Expansion of the Canada Pension Plan and the Unintended Effect on Domestic Investment finds that by increasing the Canada Pension Plan payroll tax, the federal and provincial governments will inadvertently shrink the pool of money available for investments in Canada — potentially up to $ 114 billion by 2030.

Horgan said it's been a month since Bill 28 came into effect, and the B.C. Liberal tax is «both failing to address the real problems facing Lower Mainland residents and creating significant unintended consequences.»

Whether you're concerned with how the cost of the carbon tax affects your family income, or unintended negative consequences of Bill 6 on your agriculture operation; or perhaps the condition of Alberta health care delivery is your priority, regardless, it's important that you let us know.

Fourthly, whereas taxes on unhealthy foods may be problematic because of concern about unintended substitution effects (for example, a tax on foods high in saturated fat may lead to a shift towards salty foods), 13 the potential substitutes for sugar sweetened drinks (diet drinks, fruit juice, milk, water) are probably less harmful for health.

Soda taxes have unintended consequences on middle - class jobs and small businesses.

But it will need to be carefully managed to ensure it does not have unintended negative consequences, especially for those on tax credits and welfare benefits.

If income tax powers are devolved, but powers over welfare benefits and tax credits are reserved, changes in income tax rates could have unintended consequences.

«However, the mundane reality is that most tax legislation is highly technical in nature, and most of the scrutiny required is a case of identifying whether it will do the job being asked of it, without throwing up unintended consequences.

The federal tax law had an unintended effect: raising the state - tax bite in nearly every state that has an income tax.

The focus on holding down taxes, Kremer says, has had unintended consequences.

On Tuesday the city of Oswego will decide whether it wants to bring back a five percent property tax cap, but many of the city's elected officials warn that it could come with some unintended consequences.

CIOT has warned that draft legislation concerning the devolution of tax powers to Scotland could result in a broad swathe of unintended complexities, including forcing many more taxpayers into self - assessment.

Chuck Dedrick, executive director of the Council of School Superintendents, said ending the state and local tax deduction on federal income tax forms could lead to less money for schools and have some unintended consequences.

The Council of School Superintendents executive director, Chuck Dedrick, says ending the state and local tax deduction on federal income tax forms could lead to less money for schools and have some unintended consequences.

Katko says Obama's proposal to eliminate a tax loophole for inherited wealth would have unintended consequences, especially for upstate New York farmers.

A plan by leader Ed Miliband and Shadow Chancellor Ed Balls to levy an escalating one per cent tax on homeowners with properties worth more than # 2million has been described as «the politics of envy» and a move which economist believe could have many unintended consequences.

The problem with these unintended or unplanned for tax consequences, is that in non-retirement accounts, you are often faced with a tax bill that you have not planned for at filing time, and need to come up with a check to pay the taxes due.

As with most tax matters, it's worth talking to a professional to make sure adding more income doesn't have unintended consequences.

In short (pun unintended), I am using a long only concentrated strategy with a year plus time horizon to benefit from taxes.

It's a challenge because greens advocate carbon taxes and cap - and - trade, which are designed to jack up gas prices, and biofuel mandates, which have the unintended (although not unforeseen) consequence of inflating fuel costs.

There are no easy answers to tax reform, but every action creates incentives for someone and the trail is littered with problems from unintended consequences.

Period», massive tax increases as «austerity» — the list is endless of the number of central planning's failures due to «unintended consequences.»

In reality, our understanding of economics is much cruder than our understanding of atmospheric dynamics, so understanding the unintended consequences and risks posed by a carbon tax or cap and trade scheme is even more difficult.