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Prorated Principal Residence Gain Exclusion Break

Prorated Principal Residence Gain Exclusion Break

Oct 28, 2021 | Income Tax

Here’s good news. IRS regulations allow you to claim a prorated (reduced) gain exclusion—a percentage of the $250,000 or $500,000 exclusion in select circumstances. The prorated gain exclusion equals the full $250,000 or $500,000 figure (whichever would otherwise...
IRS Private Letter Rulings: Are They Worth It?

IRS Private Letter Rulings: Are They Worth It?

Oct 21, 2021 | Income Tax

Do you have a question about how to apply the tax law to a potential transaction? Wouldn’t it be great if you could get the IRS to give you an answer in advance of filing your tax return? You may be able to do so by obtaining a private letter ruling (PLR) from the...
Save Your Employee Retention Credit

Save Your Employee Retention Credit

Oct 14, 2021 | Income Tax

In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners. According to the IRS: Your corporation can qualify for the ERC on the wages paid to more than 50...