Neil Passero ★’s Post

Tax loopholes happen, whether intentionally or by oversight. When a loophole opens, it's not uncommon for businesses to take notice and walk through those gaps while they can, to save taxes. Currently the IRS is working on regulations designed to close a loophole related to asset basis used by some partnerships. Here are the details.

The Lot - July 2024 edition is here! As we embark on the new financial year, we bring you the latest and most significant updates on key legal developments in the property sector. In this issue, we explore new tax regulations, vendor termination rights, and important changes to domestic building insurance in Victoria. We’ve also delved in the Foreign Investment Review Board’s (FIRB) changes and provide a timely tax cheat sheet for developers. Read more here: https://loom.ly/nUKZD4k #TheLot #Maddocks #PropertyDevelopment #legalinsights

Our latest edition of The Lot - key legal updates and news for developers, well worth a read.

The Spendthrift Trust is legal and in the IRS Tax Code 643b. Spendthrift Trust saves you in 4 ways: 1. Federal Taxes 2. Keeps Your Information 100% Private 3. No Judgments if you are Sued 4. No paperwork for the 2024 Corporate Transparency Act

The Management of Filsyn Corporation notified its Board of Directors that it had received from the BIR a Final Assessment Notice / Formal Letter of Demand (FAN/FLD) dated September 17, 2024 for calendar year 2022 on September 25, 2024. #bonds #stockmarket #stocks #realestate #finance #Business #Corporate #Corporation #Entrepreneur #Philippines #Financial #Invest #Investment #investingtips

🎓 Just wrapped up a highly engaging class on Transfer Pricing and the Arm’s Length Principle! 🌍💼 In today's session, we delved into the critical concept of Transfer Pricing, discussing its definition, the international legal framework, and its importance for multinational enterprises. A major focus was on the Arm’s Length Principle, the backbone of transfer pricing regulations. We broke down the comparability analysis into its five key elements: Characteristics of property or services Functional analysis Contractual terms Economic circumstances Business strategies To reinforce these concepts, the class applied them in a case study, bridging theory and practice. We also reviewed the essential Transfer Pricing Documentation Requirements, highlighting the need for Master files, Local files, and Country-by-Country reporting to ensure transparency and compliance. That’s a wrap for this week! Looking forward to continuing our exploration into international taxation in next week’s sessions. 🌐💡 #TransferPricing #ArmsLengthPrinciple #ComparabilityAnalysis #TaxCompliance #InternationalTaxation #GlobalBusiness #TaxEducation #CrossBorderTaxation

What was formerly known as Entrepreneurs Relief is now known as Business Asset Disposal Relief (BADR). It is a tax relief benefit that can reduce the Capital Gains Tax (CGT) that is paid on the sale of the assets of a solvent company that is either being liquidated or sold. When a solvent company is liquidated, it is through a Member’s Voluntary Liquidation process in accordance with the laws dictated by the Insolvency Act 1986. When the assets of the solvent liquidated company are sold, CGT is applied but directors of the company that qualify for BADR are able to pay half the amount of tax on the capital gains rather than the standard amount. So, how does Business Asset Disposal Relief work? Business Asset Disposal Relief on Liquidation in the United Kingdom - https://lnkd.in/gHHxGb9n Follow Simple Liquidation #SimpleLiquidation #Liquidation #BusinessAssetDisposalRelief

Great day yesterday discussing all things Transfer Pricing at #grantthornton #festivalofgrowth with the tax team. The #transferpricing wheel of fortune revealed key TP topics - Amount B, TP health check, documentation, SAO, Public CbCR, Pillar 2, financing transactions, operational TP and automation; among other topics. Loads of treats kept everyone energized! Happy to discuss your burning Transfer Pricing questions. #tax #transferpricing #networking #onetax #grantthorntonukllp

How will the new global minimum tax ("Pillar Two") impact joint ventures? My colleagues and I are hosting a Q&A panel event on 6 November to discuss this topic and what we are seeing in practice. Pillar Two is already having a big impact on joint ventures on both sides of the Atlantic: it is hitting structures and modelling, as well as risk allocation and documentation. We will explain why it is important to factor in the Pillar Two impact early and how our team can help you get on the front foot on this. If you have questions you would like our panel to address, please submit these in advance (instructions in the link below). Register now: https://bit.ly/3ZvAJTT Tim Harrop | Ryan Bray | Naomi Lawton | Matthew Brown | Hugh Brooks #AOShearmanGlobalTax #PillarTwo #JointVentures

Extremely powerful if you're a business owner and/or a CPA/Wealth Advisor looking for a tax strategy that goes above and beyond traditional tax planning! #RestrictedPropertyTrust #RPT #taxplanning #taxmitigation #HIS #togetherwewin