Tax,
Corporate
Mar. 17, 2020
The safest income tax plan for a closely held business
Income tax planning can be controversial. The most recent IRS “Dirty Dozen” list includes structures designed to reduce your ordinary income tax: falsifying income to claim credits; falsely padding deductions on returns; excessive claims for business credits; offshore tax avoidance; frivolous tax arguments; and abusive tax shelters, including syndicated conservation easements.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
It is still early in 2020. It is time to think about the tax return you must personally file (IRS Form 1040) on April 15, 2021 (Oct. 15, 2021 if you put your return on extension). Most closely held businesses are organized as S corporations, LLCs or a form of partnership (general; limited; or limited liability partnership (reserved for certain licensed professionals)). The taxable income of these “flow-through” entities is reflected on the owner’s return.
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