It seems that the only thing you can be sure of these days is that “unprecedented” will be used to describe something you are experiencing. Stock market fluctuations are unprecedented…the real estate cycle is unprecedented…the Troubled Asset Relief Program is unprecedented…the labor market is unprecedented…the use of the word “unprecedented”…
The American Recovery and Reinvestment Act of 2009 was recently enacted as a means of stimulating the economy. The most noteworthy real estate aspect of the Recovery Act is a refundable tax credit of up to $8,000 for first-time homebuyers. This article will summarize the main qualifications and limitations for…
In today’s tough economic times, more and more companies are finding themselves unable to meet their financial obligations and pay their debts. The ripple effect is being felt throughout the commercial world, in particular by those who do business with these struggling entities. Suppose a manufacturer or a distributor sells…
While each of us is feeling the impacts of an economic slowdown in different ways, for shareholders of a C corporation, this could be a great time to participate in tax planning for the future. In general, many assets that may be held by C corporations, such as real property…
The gift tax annual exclusion has been increased from $12,000 to $13,000 per donee. The annual exclusion for gifts to non-citizen spouses has been increased from $128,000 to $133,000. In addition, the estate and generation-skipping transfer tax exclusions are increasing from $2 million to $3.5 million. However, the lifetime gift…