Arizona Taxation

What Is A 1031 Exchange?

Section 1031 of the Internal Revenue Code allows the owner(s) of certain property to defer federal taxes associated with gain or loss on the sale of such property by acquiring qualified similar property.

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Intentionally Defective Grantor Trusts (IDGT) for Tax, Medicaid, & Asset Protection Planning

A grantor trust is a trust in which the grantor, sometimes called a settlor or trustor, retains an interest. One particular type of grantor trust, called an intentionally defective grantor trust (IDGT), leverages disparities in the federal income and estate taxes to provide opportunities for tax, Medicaid, and asset protection planning.

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Self-Employment Tax: LLC v. S-Corporation

Although many new business owners who will actively participate in their businesses choose to organize limited liability companies (LLCs) as opposed to incorporating S-Corporations because of, among other things, greater flexibility and the lack of state-required reporting formalities, there is at least one potentially compelling reason to incorporate an S-Corporation, or at least elect taxation as an S-Corporation under Subchapter S of the Internal Revenue Code (IRC): potentially lower employment taxes.

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Inside / Outside Tax Basis & Partnerships

Tax basis in the amount upon which taxable gain or loss, if any, will be calculated on the occurrence of various events, including but not limited to the disposition of an asset or sale of an interest in an entity.

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American Taxpayer Relief Act of 2012

Late last night, the U.S. House of Representatives approved the bill, passed by the U.S. Senate on December 31, 2012, that will become the American Taxpayer Relief Act of 2012 ("ATRA"). President Obama is expected to sign the bill into law today.

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