Hymel & Ready
At Hymel & Ready, our mission is to provide timely and accurate information so you can make the right decisions today to grow and sustain your business tomorrow. We are committed to helping our clients find new and creative ways to solve their most difficult challenges by concentrating on issues such as investing in growth, driving efficiency, managing risk, and meeting compliance requirements.
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This week marks the 10th anniversary of Hurricane Katrina making landfall in the Gulf Coast of the United States. The most powerful storm to make landfall in US history, Katrina wrecked havoc on the local communities of the Gulf Coast, New Orleans included.
Section 1031 allows an investor to sell one business asset or investment, and then reinvest the proceeds from the sale of the asset in the purchase of a new asset of like-kind to defer capital gains taxes. One common question is whether a 1031 exchange can be executed on properties purchased with the intent of being fixed and resold, or ‘flipped.’
One issue new companies, and sometimes pre-existing ones, face is to select the type of entity they will be registered and taxed as. One of the more popular forms of late is the S Corporation.
Generally, S Corporation election status can be preferential for companies and owners if the company generates profit, as the benefits of not having to pay self-employment tax on the profits and any distributions should equate to tax savings on the individual member returns. If the company does not generate a decent profit, or operates at a loss, the losses allowed to be claimed as deductions are limited by the members’ basis in the company.
As part of the short-term highway funding bill passed by the Senate (H.R. 3236), the due dates for several tax forms were modified. The partnership tax return, Form 1065, and the corporate tax return, Form 1120, basically swapped due dates. Currently, partnership returns are due April 15th, the same date personal returns are due. Partnership returns will be due on March 15th in the future. To the contrary, corporate returns are currently due March 15th, but will change to April 15th. These changes will take effect for tax years beginning after December 31, 2015.
When purchasing and obtaining rental real estate with the purpose of operating as a rental with other people, the issue of forming a business entity or not should be considered.
In a 5-4 ruling from the Supreme Court this morning, same sex marriage was legalized across the country. Many have hailed the ruling as a progression toward equality and will have a huge social impact. From a tax perspective, the ruling will greatly benefit same sex couples in areas where they may not have been able to receive the full tax and financial benefits of marriage.
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