Limited liability companies generally are not subject to Florida income tax unless they made certain federal tax elections
To illustrate how such a presumption would work in practice, I apply it to two similar but inconsistently structured tax elections
in the Income Tax Act relating to transfers of property to a spouse and to a corporation (subsections 73(1) and 85(1), respectively).
The Company has postponed its earnings call in order to thoroughly review tax elections
available to it related to additional tax depreciation that could maximize deductions in previous years and potentially generate substantial tax refunds.
This requirement is often discovered after the due date for filing the return, at which point additional interest and penalties may be imposed and the estate may no longer be eligible to make certain advantageous tax elections
As a fourth installment in an occasional series, here are additional tax elections
for estates, partnerships, and individuals.
Where the federal tax law provides explicit tax elections
If you do not file the tax elections
in advance, penalties could apply.
And more sales tax elections
are on the calendar or in the discussion stages.
If cash-out rights will continue to be included in a stock option plan and the employer might choose to forego a deduction of a cash-out amount to allow for preferential tax treatment to the employee, the stock option plan should be reviewed to ensure that the employer has the authority to make the required income tax elections
The ruling also effectively overturns the commonly held view that captive insurance tax elections
(such as the section 953(d) "domestic" election) must be made by' the SAC sponsor.
that must be made at a particular time or in a particular matter to be effective).
Siegler, When Bad Things Happen to Good People: Relief for Missed Tax Elections
, 32 Philip E.