Buyout

[Taxing Matters]

Probably it won't effect me much because I'm not a millionaire. I believed that is Trump's tax plan and they’re set to expire by the end of 2025.

After 2025 the unified credit will drop back down to something over $5 million (the exact figure is unknown because the IRS will have to compute the inflation adjustments). Some Democrats propose reducing it back down the old $1 million level that existed before the Bush tax cuts.

Very informative, thank you so much for your assistance I sincerely appreciate your help! You must be a CPA.

I'm glad the information was useful to you. I am not, however, a CPA. I am an attorney with an advanced law degree in tax law and former IRS attorney. Most of my practice is tax law, though I also handle other areas of federal law, handle estate and trust matters, and business law matters. I have a basic working knowledge of accounting, but far short of what a CPA has. So I won't be certifying company financial statements any time soon.

Tax and accounting, while there is overlap between the two, are distinctly different areas of knowledge. A CPA license does not guarantee that the person knows tax law, just as a law degree does not guarantee the lawyer knows tax law. When hiring a CPA or attorney for tax advice or representation, you want to ensure that they have extra education and experience in tax since that's not taught as part of the basics for a law or accounting degree. If you're not sure what tax background they have, ask. An enrolled agent (EA) is another option, too. All EAs must pass a test in tax law administered by the IRS so they would have solid knowledge of tax law, too

 

[NinjaBadger]

I'm glad the information was useful to you. I am not, however, a CPA. I am an attorney with an advanced law degree in tax law and former IRS attorney. Most of my practice is tax law, though I also handle other areas of federal law, handle estate and trust matters, and business law matters. I have a basic working knowledge of accounting, but far short of what a CPA has. So I won't be certifying company financial statements any time soon.

That's even more impressive.

Tax and accounting, while there is overlap between the two, are distinctly different areas of knowledge. A CPA license does not guarantee that the person knows tax law, just as a law degree does not guarantee the lawyer knows tax law. When hiring a CPA or attorney for tax advice or representation, you want to ensure that they have extra education and experience in tax since that's not taught as part of the basics for a law or accounting degree. If you're not sure what tax background they have, ask. An enrolled agent (EA) is another option, too. All EAs must pass a test in tax law administered by the IRS so they would have solid knowledge of tax law, too

True-dat, my younger sister is a CPA and she always hires someone to do her taxes. Myself, I have taken H& Block tax course (I know ) many years ago so I can do own taxes and mine is very simple. With your information and when I have the time then I would need to do more research for my case instead of hire a professional but that's a long shot. I can only imagine how complex it would be to do corporate taxes. Thanks again, Sir!

 

[NinjaBadger]

I have a forum question.
How do I go back to forum after 'Home' tab is depressed? TIA

 

[Zigner]

I have a forum question.
How do I go back to forum after 'Home' tab is depressed? TIA

forum.freeadvice.com

 

[NinjaBadger]

forum.freeadvice.com

Thank you!