(Tax), Amy Dalen, Esq., Michael DeLuca, CPA, MBA and Kena Yoke will discuss how
tax elections and corporate structure selection may impact the profitability of a business.
The new entity or group must also assess any needed accounting method changes, as well as any other
tax elections and information-reporting requirements.
The purchase price includes about USD37m to compensate the sellers for certain
tax elections which will result in a net cash tax benefit to HEICO, worth that amount at least.
The purchase price includes approximately USD 37m to compensate the sellers for certain
tax elections which will result in a net cash tax benefit to Heico worth at least that amount.
That legislation, which has yet to hit the House floor, would set the trigger for property
tax elections at 6 percent.
These foot-faults can include, for example, late returns, missed international information returns, and missed
tax elections. As in most tax practices, many returns are filed within a very short time on and before the original due date, and mistakes can and do happen.
Limited liability companies generally are not subject to Florida income tax unless they made certain federal
tax elections.
This paper is the first in the Canadian legal literature to address "
tax elections", which bestow upon taxpayers the ability to choose among two or more available tax treatments for a single taxable event.
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.
Where the federal tax law provides explicit
tax elections (e.g., a married couple's choice to file jointly or separately), however, state legislators must decide not only whether the state law will conform to the federal law (i.e., affording taxpayers the same choice for state tax purposes), but legislators must also decide whether to bind each taxpayer, for state tax purposes, to the taxpayer's federal tax choices.
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 and notifications.
