Indiana individual and business investors have multiple opportunities for tax savings through various incentive programs offered by the Indiana Economic Development Corporation (IEDC). One such program is the Industrial Recovery Tax Credit (IRTC), which provides a tax incentive for companies that invest in industrial facilities requiring significant rehabilitation or remodeling.
On February 23, 2017, the IRS issued a memo on substantiation guidelines for safe-harbor hardship distributions from 401(k) plans. This memorandum was sent to all employee plans (EP) examination employees. The memo covers whether or not a 401(k) plan hardship distribution is “deemed to be on account of an immediate
In a recent, well-reasoned case, the Sixth Circuit upheld a taxpayer’s use of an IC-DISC as a Roth IRA investment to accumulate earnings tax-free. The investment was established by the following steps: Roth IRA owns shares of Holding Company (Holdco); Holdco owns shares in IC-DISC, a tax-exempt entity for export
Tax amnesty is a limited time opportunity for taxpayers to pay a defined amount of outstanding income, sales or other taxes in exchange for forgiveness of interest and penalties and waiver of criminal prosecution relating to a previous tax period or periods. Amnesty programs can potentially reduce state tax liabilities
At one of our recent Not-for-Profit roundtable luncheons, dedicated to mental health and wellness organizations, our discussion covered such a wide variety of topics, that we felt it would be most helpful to gather the group’s ideas and share them on our blog. Mental Health Not-for-Profits Issues Here are some