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CRA's decision to implement new capital gains inclusion rate not authorized by law: lawsuit. The lawsuit was filed by an Ontario resident on Friday, reports Jessica Mach for Canadian Lawyer Magazine

Tax loopholes happen, whether intentionally or by oversight. When a loophole opens, it's not uncommon for businesses to take notice and walk through those gaps while they can, to save taxes. Currently the IRS is working on regulations designed to close a loophole related to asset basis used by some partnerships. Here are the details.

Tax loopholes happen, whether intentionally or by oversight. When a loophole opens, it's not uncommon for businesses to take notice and walk through those gaps while they can, to save taxes. Currently the IRS is working on regulations designed to close a loophole related to asset basis used by some partnerships. Here are the details.

Related Party 1031 Exchanges – Don't Buy from Mom or Dad! Navigating a 1031 like-kind exchange can be challenging. With strict deadlines, multiple parties involved, and substantial tax liability at stake, real estate investors need strategic planning—and sometimes a solid Plan B. Options like the Delaware Statutory Trust (DST) or Qualified Opportunity Zone investments can be lifesavers in the right situations. However, creativity has its limits. Using a property owned by Mom, Dad, or other “related parties” as a replacement might sound like a clever fix, but the IRS has strict rules that disqualify such transactions from 1031 tax-deferral benefits. Want to learn more about related parties and how to navigate a successful exchange? Read the full blog now: https://buff.ly/49h6fYD #KevinMcKernan #McKernanLaw #StatenIsland #StatenIslandAttorney #1031Exchange #RealEstateInvesting #TaxPlanning #DelawareStatutoryTrust #IRSRegulations #1031Rules

🏠 Many people investing in real estate for the first time are wondering whether they should do so under LLCs, since they can provide tax advantages and limit liability while building wealth. There's no simple answer, but a few things we consider are: ✅ Does the client have prior experience in real estate investing? ✅ What do they intend to do with the property? ✅ Do they have an exit strategy? ✅ What are the risks associated with owning property? The bottom line is that to minimize your legal tax liability, we need to look at your unique situation and make the appropriate recommendation. Contact us to get started: 704-895-6966 #investing #cpa #taxplanning #taxliability #taxstructuring

🏠 Many people investing in real estate for the first time are wondering whether they should do so under LLCs, since they can provide tax advantages and limit liability while building wealth. There's no simple answer, but a few things we consider are: ✅ Does the client have prior experience in real estate investing? ✅ What do they intend to do with the property? ✅ Do they have an exit strategy? ✅ What are the risks associated with owning property? The bottom line is that to minimize your legal tax liability, we need to look at your unique situation and make the appropriate recommendation. Contact us to get started: 704-895-6966 #investing #cpa #taxplanning #taxliability #taxstructuring

📈 Thinking About Incorporating? Here’s the Scoop! Incorporating isn’t just a paperwork shuffle – it’s a serious step that changes things up long-term. 🤓 When you roll your sole proprietorship or partnership into a corporation, it’s seen as a sale to a new entity. You’re still the owner, but the CRA treats it like a real transaction, which means… taxes! 🧾 💡 Quick Tip: The CRA uses fair market value to calculate taxes on these transactions, even if it’s just you and your business. We’re here to help you get it right and avoid any tax surprises along the way. 🙌 👉 Curious about the pros (and costs) of making the switch? Let’s chat! #Accounting #CPA #Halifax #Bridgewater #NovaScotia

If you're involved in syndicated deals, DSTs could be your best friend. They provide a structured way to defer gains while offering fractional ownership in various property types. Let Rainwater CPA guide you through optimizing your tax strategies for maximum benefit! #RainwaterCPA #TaxPlanning #TaxStrategy

Hook Law has been outlining this for our clients for some time… “The good news: There are creative ways to lock in the lofty exemption while leaving yourself some flexibility. Consider a SLAT if you’re married The spousal lifetime access trust (SLAT) allows you to transfer assets out of your estate with the potential to access them later. These irrevocable trusts, available to married couples, are set up by one spouse with the other as beneficiary. Children are typically secondary beneficiaries. By funding a SLAT, you not only get assets and future growth out of your estate, but your spouse can get distributions from the trust and merge them back into the family finances if needed. As the trust creator, or granter, you pay tax on trust income. Assets you transfer to the trust must be in your name only. In community property states, a partition agreement must define individual ownership of assets transferred to a SLAT. …There’s a risk in waiting any longer to lock in the current exemption. “Your options may become constrained because it takes time to draft documents and value assets,” Dietz says. You’ll have a lot of people trying to do this quickly—you may have a hard time finding valuation experts if you need one.”

The Tax Court’s recent decision in Denham Capital Management LP v. Commissioner underscores critical implications for fund managers and limited partners regarding self-employment tax. By applying a functional analysis test, the Court clarified that active participation in a limited partnership may disqualify partners from the “limited partner exception.” Explore the decision's impact and its alignment with prior rulings in the article below.