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Tax Law for the Closely Held Business

Legal Updates & Commentary for Tax & Estate Planning

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Deductions for PPP Covered Expenses – Almost There; How Will Your Business Use the Tax Savings?

By Farrell Fritz P.C. on May 18, 2020
Posted in Federal

What Did You Do Last Night?

“Friday night, May 15 . . . You didn’t watch the roll call vote in the House? . . . On CSPN . . . The HEROES Act. . . . C’mon, seriously. . . . Really? . . . You had no interest whatsoever? . . . Foregone…

Recapitalizing Debt To Defer Payment of the Estate Tax – Good Idea?

By Farrell Fritz P.C. on March 16, 2020
Posted in Federal

Estate Planning 101

A basic precept of effective estate planning is for a member of an older generation to transfer[i] property to a family member of a younger generation – for example, stock in a closely held corporation – that is reasonably anticipated to appreciate in value over time. In this way, not only…

Exclusion of COD Income for the Developer – or Not?

By Farrell Fritz P.C. on June 13, 2016
Posted in Federal Tax Issues

COD & QRPBI
The discharge of indebtedness generally gives rise to gross income to the debtor-taxpayer. The law, however, provides several exceptions to this general rule. Among these exceptions are rules providing that income from the discharge of indebtedness of the taxpayer is excluded from income if the discharge occurs in a Title 11…

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