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What Is a Disregarded Entity for Nevada Tax Purposes?
What is a disregarded entity for Nevada tax purposes? The answer is slightly simpler than it is in many other states. A disregarded entity is a business that the government treats as not separate from its owner when collecting taxes. Most disregarded entities are limited liability companies owned by a single member (SMLLCs). In Nevada,… (Keep reading)
Examination Rate on Large Partnerships
The Internal Revenue Service plans to increase its examination rate on large partnerships by 2025 also on employee stock ownership plans (ESOPs).
Lifetime Estate and Gift Tax Exemption
It is expected that the lifetime estate and gift tax exemption will be around $5 million after 2025. For deaths occurring in 2023, the exemption amount is $12,920,000. Therefore, if anyone wants to make significant gifts, it is advisable to do so before 2025 ends.
How to Prepare Before Meeting Your Las Vegas Estate Planning Attorney
Establishing an estate plan now is the smartest way to prepare for your loved ones’ futures after your passing. However, as you prepare to make your estate plan, it is critical to consider what needs to be done before you can properly begin. Meeting with your estate planning attorney is the most important step you… (Keep reading)
Estate and Gift Tax Planning in Las Vegas
Planning for taxes and tax burdens is a crucial aspect of estate planning. However, it can often be overlooked for any number of reasons. For one, many people consider it an unpleasant topic. It is natural to resent the idea that the government will take some portion of their hard-earned estate. The idea that this… (Keep reading)
Internal Revenue Service Announcement for 1099-K Forms
The Internal Revenue Service has announce that they will delay the implementation of the requirement to issue 1099-K forms from third party payment platforms for transactions of $600 or more. The American Rescue plan required these forms be issued for the 2022 tax year. The reporting requirement is now in effect for 2023. This allows… (Keep reading)
In 2023, The Treasury Department promises an improved tax filing season but the $80 billion in extra funding won’t be felt for a couple of years. Improvements to taxpayers’ services will be the exception. In 2023, Taxpayers should be able to reach a live person on the IRS’s toll-free lines about 85% of the time… (Keep reading)
Tax Planning is very complex if you forego tax planning you may be paying more to the IRS than you think, if you keep track of all your expenses and deduct the ones you are allowed, you will pay less income tax than you ever imagined. What can be deducted? Is of the utmost importance… (Keep reading)
