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Tax Law for the Closely Held Business

Legal Updates & Commentary for Tax & Estate Planning

Section 301

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I Own the Business, The Business Owns the Assets, I Own the Assets, Right?

By Farrell Fritz P.C. on November 4, 2019
Posted in Federal

Personal Use of Business Assets

“But it’s my business. I own it.”

How many times have you heard this response from the owners of a business entity after you’ve advised them that they should not treat the entity as their personal bank account?

Too often, I’d wager.

What’s more, the response is not limited to…

Closely Held C Corporations, Constructive Dividends, and More

By Farrell Fritz P.C. on August 12, 2019
Posted in Federal Tax Issues

Choice of Entity

The owners of a closely held business are generally free to select the form of business entity through which they will operate their business. In most cases, hopefully, the decision to operate as a sole proprietorship,[i] a partnership, an S corporation, or a C corporation will have been preceded by discussions…

Current Distributions & Partial Liquidations: Corps vs. Partnerships

By Farrell Fritz P.C. on April 16, 2019
Posted in Federal Tax Issues

“You Must Choose, But Choose Wisely.”[I]

The enactment of the Tax Cuts and Jobs Act,[ii] and its undeniable bias in favor of C corporations, has spurred the owners of many closely held businesses, along with their advisers, to reevaluate the form of business entity through which they own and operate their business, and…

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