Dan Peterson

I’m quite upset that the #IRS did not round up the #estatetax exemption to $14 million. Instead, we’re left with $13,990,000. I’m sure many US tax attorneys, like me, will face the classic debate in every meeting: Do we say $14 million or $13.99 million? I’ll probably just say $14 million… and then immediately backtrack with, “Well, technically it’s $13.99 million, but I’m rounding up.” An additional $10k would have saved US tax professionals roughly 3 to 5 seconds per consultation. Multiply that across the industry, and you’re looking at a significant amount of time! FYI- this exemption is only applicable for US citizens and US domiciliaries. The estate tax exemption for non-US citizens/domiciliaries is still $60k. https://lnkd.in/g3wHX-VQ #USTaxes #Efficiency

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📢 Attention Illinois taxpayers! With the recent signing of HB 4951, significant changes are coming to the state's corporate income tax and sales tax laws starting December 31, 2024. Here's what you need to know: 🔹 Extended NOL Deduction Limitation: Net operating loss (NOL) deduction limitation is extended, with the limitation cap raised to $500,000 annually. 🔹 New Apportionment Methodology: Financial organizations will now have a new formula for calculating investment and trading income. 🔹 Sales and Use Tax on Leases: For leases of tangible personal property entered or renewed on or after Jan. 1, 2025, sales and use tax will apply, with certain exemptions. 🔹 Retailers’ Occupation Tax Discount Cap: The 1.75% discount on the Retailers’ Occupation Tax will now be capped at $1,000 per month. Stay informed about these important updates to ensure compliance and optimize your tax strategies. Consult with our SALT team for detailed guidance and potential benefits from these new measures. Discover more here: https://ow.ly/j7EA50SAXO7 #Illinois #SALT #CorporateTax #SalesTax

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Will be interesting to see how FERC reacts to the IRS rejection of its normalization analysis.

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ICYMI: The Internal Revenue Service recently wrapped up its 2024 “Dirty Dozen” campaign by warning taxpayers about promoters selling bogus tax strategies and fraudulent offshore schemes designed to reduce or avoid taxes. In particular, the #IRS warned taxpayers about potential #tax schemes involving syndicated conservation easements, micro-captive insurance arrangements, Malta Pension plans, and digital assets. https://lnkd.in/eqKSkS4X #taxlaw #taxcontroversy #cryptocurrency

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Firm Partner, Joel Crouch is speaking at the Accounting CPE Network (ACPEN) Signature 2024: Partnership & LLCs Tax Return Preparation live webcast on Wednesday, November 13, 2024. He is presenting, "Self-Employment Taxes after Soroban Capital Partners, LP v. Commissioner." Click here for more information and to register: https://lnkd.in/g-QawSnQ #IRS #SelfEmploymentTax #TaxPrep #TaxTips #Webinar #Speaking

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It's time to plan for the future and avoid probate court. Join our webinar and learn about the differences between revocable and irrevocable trusts. 📅 Date: April 25, 2025 – 10:00 AM, PST Understanding the benefits and drawbacks between a revocable and irrevocable trusts is essential for you to make informed decisions about your living trust. Topics We'll Cover: 🔹 Comparing irrevocable and revocable trusts. 🔹 Advantages of a revocable trust. 🔹 Flexibility vs. complexity: Which trust suits you best? 🔹 Understanding control dynamics with irrevocable trusts. Reserve Your Spot Today! https://lnkd.in/gJeqpczY

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It's time to plan for the future and avoid probate court. Join our webinar and learn about the differences between revocable and irrevocable trusts. 📅 Date: April 25, 2025 – 10:00 AM, PST Understanding the benefits and drawbacks between a revocable and irrevocable trusts is essential for you to make informed decisions about your living trust. Topics We'll Cover: 🔹 Comparing irrevocable and revocable trusts. 🔹 Advantages of a revocable trust. 🔹 Flexibility vs. complexity: Which trust suits you best? 🔹 Understanding control dynamics with irrevocable trusts. Reserve Your Spot Today! https://lnkd.in/gJeqpczY

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Health & Tax Law Update! 🔔 Read "Time to Check Your Organizational Chart For Dormant Tax-Exempt Entities," co-authored by Brontë Arreola, Lindsay D. Petrosky, and Robert Tweel: bit.ly/4gPEcCB

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📢 Important Update for Ohio Property Owners, Tax Professionals, and Policymakers The Ohio Joint Committee on Property Tax Review and Reform has just released its comprehensive report detailing 21 recommendations to improve the state's property tax system. This report is a significant step forward in addressing long-standing concerns about fairness, transparency, and efficiency in Ohio’s property tax laws. The recommendations touch on critical areas such as: - Modernizing assessment practices. - Addressing disparities across counties. - Ensuring greater equity for homeowners and businesses. As these proposals begin to shape the conversation around reform, it's essential for stakeholders to stay informed and engaged. I encourage everyone to review the HUGE report (865 pages of the most interesting reading) and consider its potential impact on Ohio's economic landscape. 🔗 Read the full story below: ttps://https://lnkd.in/esa7rih7 🔗 The story contains a a link to the full report. What are your thoughts on these recommendations? Are there specific changes you’d like to see prioritized? Will this be the year the Ohio Legislature address entity transfers? Let me know in the comments. #OhioTaxReform #PropertyTax #PolicyChange #EconomicDevelopment

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For Participating FFIs in non-IGA jurisdictions, FFIs in Model 2 jurisdictions and compete authorities in Model 1 jurisdictions. IRS just released the following: The IRS is continuing to review all IDES alerts, notifications and file transmissions received after June 24, 2024. The IRS will be manually confirming all transmissions since June 24, 2024. The IRS will email you directly from [email protected], with subject line “Manual IDES Confirmation.” The email will confirm if we successfully or unsuccessfully received your file and any action that needs to be taken. These emails will be sent over the course of the next month. Once you receive your email, please take the action requested within two weeks. If you need additional time to transmit or retransmit your IDES transmission due to a system issue, please request an extension of time to retransmit with a business justification at [email protected]. Extensions may be granted on a case-by-case basis. The email address for the IDES help desk, [email protected] has been restored. The temporary email address will also remain operational until October 1, 2024. The FATCA International Data Exchange Service (IDES) testing window has been revised and extended to August 9, 2024.  IDES users who completed IDES enrollment by June 26, 2024, at 5:00 PM may continue to participate in the testing until August 9, 2024. #tax #withholdingtax #regulatorycompliance #qi #fatca

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Attorneys, Accountants, and other Trusted Advisors: If your firm subscribes to West LegalEdcenter, you may want to attend our upcoming webinar, BUSINESS BORROWING BASICS - Alternative Structures- PO Financing, Factoring & MCA. Premiering on 8/08/24 and available on-demand thereafter, the webinar will be moderated by Jacqueline Brooks of Duane Morris LLP, and will feature as panelists: Joe Panico of Wintrust Business Credit + Tom Stamborski of Liquid Capital of Illinois + Harvey Gross of HSG Services Inc. The registration link to attend this webinar is https://lnkd.in/diaRwh2z Purchase-order financing (P/O financing) is a type of asset-based loan designed to extend credit to a company that needs cash quickly, to fill a customer order. A company may operate with such a small amount of working capital that it cannot afford to pay the cost of producing a customer’s order. P/O financing enables such a company to not turn away business, by borrowing from a lender using the purchase order itself as collateral to support a loan. Factoring is one of the oldest forms of business financing. Note that the term is “financing” rather than “loan” because factoring is not actually a loan. In a typical factoring arrangement, the company needing financing makes a sale, delivers the product or service and generates an invoice. The factor (the funding source) then purchases the right to collect on that invoice by agreeing to pay the company in need of financing the amount of the invoice minus a discount.  What these three things have in common is that they are each a type of “alternative lending.”  Alternative to what? To the type of loan a company can get from a “regulated” commercial bank. This webinar explains these types of financing arrangements, what to consider before entering into them, and provides some tips on how to negotiate them. This webinar is delivered in plain English, understandable to you even if you do not have a background in the subject. It brings you into an engaging, even sometimes humorous, conversation designed to entertain as it teaches. And, it is specifically designed to be viewed as a stand-alone webinar, meaning that you do not have to view the other webinars in the series to get a lot out of it. If you do not subscribe to West LegalEdcenter, you may watch this webinar on-demand on FinancialPoise.com within a few weeks after its premiere on West. To stay informed about all Financial Poise webinars and for excellent articles at no cost about all topics of continuing education for business owners, executives, investors, and their respective trusted professional advisors, subscribe for free today to Financial Poise Weekly - https://lnkd.in/ew-qAyu We never sell or otherwise share our subscribers' information, and once you subscribe, you will never have to pay for your subscription even after we begin to charge new subscribers.

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Attorneys, Accountants, and other Trusted Advisors: If your firm subscribes to West LegalEdcenter, you may want to attend our upcoming webinar, HOW TO SELL A BUSINESS- A STEP-BY-STEP GUIDE - How to Prepare for Sale. Premiering on 5/8/24 and available on-demand thereafter, the webinar will be moderated by Tom Goldblatt of Ravinia Capital LLC, and will feature as panelists: Phillip Buffington of Adams and Reese LLP + Jonathan Friedland of Much Shelist, P.C. + Richard Claywell of J. Richard Claywell, CPA + Gregory Lafin of Wipfli This is the registration link to join the webinar: https://lnkd.in/dFNNmCtF Selling a business is often the most important event in the career of a business owner. However, although the business owner may have decades of experience operating their business and experience in making major sales of their products, selling their business is a unique event and has its own set-up strategies and process to support maximizing the result. This webinar will educate owners and their professionals on strategies and tactics to utilize. The advice will be general in nature and apply across industries but is designed for privately held companies. Part one of this series will discuss: How do buyers of businesses decide what price to pay for a business? What are actions that a business owner can take prior to a sales process to improve their chance to optimize their sales price including: o What things about a company reduce its value? o What things about a company increase its value? How to choose a professional The value of a sell-side Quality of Earnings report. This webinar is delivered in Plain English, understandable to you even if you do not have a background in the subject. It brings you into an engaging, even sometimes humorous, conversation designed to entertain as it teaches. And it is specifically designed to be viewed as a stand-alone webinar, meaning that you do not have to view the other webinars in the series to get a lot out of it. If you do not subscribe to West LegalEdcenter, you may watch this webinar on-demand on FinancialPoise.com within a few weeks after its premiere on West. To stay informed about all Financial Poise webinars and for excellent articles at no cost about all topics of continuing education for business owners, executives, investors, and their respective trusted professional advisors, subscribe for free today to Financial Poise Weekly- https://lnkd.in/ew-qAyu We never sell or otherwise share our subscribers' information, and once you subscribe, you will never have to pay for your subscription even after we begin to charge new subscribers.

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Attorneys, Accountants, and other Trusted Advisors: If your firm subscribes to West LegalEdcenter, you may want to attend our upcoming webinar, STATE COURT RECEIVERSHIPS 2024 / How to Conclude a Receivership. Premiering on 6/12/24 and available on-demand thereafter, the webinar will be moderated by Eric Peterson, of Spencer Fane LLP, and will feature as panelists: Matthew Brash of Newpoint Advisors Corporation + Adam Nach of Lane & Nach, PC + Robert Hammeke of Dentons US LLP. The registration link to attend this webinar is https://lnkd.in/eppPqeN7. During this webinar, panelists will discuss the process of winding down a receivership estate, and related issues of court reporting, abandonment of estate assets of little value, the breadth and continuation of available receiver immunity, discharge and important features of a discharge order. This webinar is delivered in Plain English, understandable to you even if you do not have a background in the subject. It brings you into an engaging, even sometimes humorous, conversation designed to entertain as it teaches. And it is specifically designed to be viewed as a stand-alone webinar, meaning that you do not have to view the other webinars in the series to get a lot out of it. If you do not subscribe to West LegalEdcenter, you may watch this webinar on-demand on FinancialPoise.com within a few weeks after its premiere on West. To stay informed about all Financial Poise webinars and for excellent articles at no cost about all topics of continuing education for business owners, executives, investors, and their respective trusted professional advisors, subscribe for free today to Financial Poise Weekly- https://lnkd.in/gUjAr6Y3 We never sell or otherwise share our subscribers' information, and once you subscribe, you will never have to pay for your subscription even after we begin to charge new subscribers.

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In “Intangible Asset Valuation for Tax Purposes Under Fair Market Value and Arm’s-Length Standards,” VRC (Valuation Research Corporation)'s national tax valuation practice leader Tom K. G., discusses the complexities of valuing intangible assets for tax purposes. The article, featured by Tax Executive, the professional journal of Tax Executives Institute, analyzes differences between fair market value (FMV) and arm’s-length standard (ALS) approaches, essential for transactions like mergers, acquisitions, and business reorganizations. https://hubs.ly/Q02sShK90 #taxvaluation #taxinsight #TEI #intangibleassets

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The BOI Reporting requires business owners to provide information about themselves and their business entity to FinCEN, and this requirement includes most entities unless specifically exempted. Domestic or foreign entities registered to do business in the US need to file this report aside for 23 explicitly exempted entities. Below are a few of the 23 exempt entities that are more common: • Inactive entities • Tax-exempt entities, as well as entities assisting a tax-exempt entity. • Accounting firms, investment advisors, and money services businesses. Entities required to file the BOI should take care of it in a timely fashion to avoid penalties. Have a question about this new law or another tax-related matter? Feel free to reach out! #shomercpa #tax

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Choose The Tax Defenders in Chicago, a veteran-owned tax resolution firm. They've saved 19,500+ clients over $26M in tax debt. Get aggressive, insightful IRS negotiation and a free consultation. More info: https://lnkd.in/gwWfGRff . . . #Chicago #TaxResolution #VeteranOwned #IRSHelp #TaxDebt #FreeConsultation #TaxDefenders #TrustedService

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