Is There Self-Employment Tax for a LLC with Passive Income?
If a LLC member is not personally liable for the LLC’s debts, has no authority to contract for the LLC, or does not participate in the LLC’s business for more than 500 hours per year, their income is considered passive, and therefore, not subject to self-employment tax.
What are the Setbacks Required on my Property?
A Setback is the distance from the Base Building Line (the officially mapped street line) to the point where a building may be constructed. The City of Miami provides setback requirements for property owners in the Miami 21 Zoning Code.
Do I Qualify for a Qualified Business Deduction Under §199A?
The Internal Revenue Code provides business owners an income deduction when reporting their qualified trade or business’ income, also known as a qualified business income.
Should You Use a S-Corporation or a LLC for Rental Properties?
After deciding whether to invest in rental properties, it is important to make an informed decision regarding the kind of business entity your company should become.
Don’t be Fooled by “Attorneys…”
Many states have tried providing education to the public to be careful in who they hire to help with their legal problems. Additionally, many states, such as Florida, have established programs to protect the public against harm caused by individuals pretending to be attorneys.
What to Know About the British Virgin Island Economic Substance Act
The Act came into effect on January 1, 2019 and was amended on January 30, 2019. The Act was established based on concerns rising from the EU (European Union) Code of Conduct Group for Business Taxation and OECD (Organization for Economic Co-operation and Development) guidance around the economic substance of entities in jurisdictions a very low to zero percent corporate tax.
What is a GRAT?
GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.
Dissolving a Delaware Corporation
Corporations lean on Delaware’s favorable business laws when it is time to incorporate their business. However, what happens when you want to dissolve your Delaware corporation?
What You Need to Know About Non-Disclosure Agreements
Breaching an NDA can have serious consequences (e.g., a lawsuit against the person who is revealing the private information). Normally, the remedies for a breach of an NDA are in the NDA itself. Therefore, it is important to have a detailed NDA, which includes what is covered by the contract and the repercussions for disclosing such information.
Business Tax Planning Opportunities Under the Tax Cuts and Jobs Act
As with any tax act, there are a number of areas for devious planners to take advantage. Following is a list of strategies you can take to ensure your business benefits from the new business tax landscape.