Tax

Family & Closely Held Business Summit 2021

Davis|Kuelthau is sponsoring BizTimes Media’s Family and Closely Held Business Summit on June 29, 2021, at Brookfield Conference Center from 2:00 – 6:30 PM. Join other family & closely held companies as they navigate the complex issues of maintaining a successful, sustainable family or closely-held business. It’s your opportunity to learn and network with others who are on the same journey...

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IRS Issues Guidance to Employers to Claim Tax Credits for Voluntary Leave Related to COVID-19 and the Vaccine

IRS Issues Guidance to Employers to Claim Tax Credits for Voluntary Leave Related to COVID-19 and the Vaccine

As set forth in the American Rescue Plan Act of 2021 (ARP), employers and certain governmental employers are allowed to claim refundable tax credits that reimburse them if they choose to provide paid sick and family leave due to COVID-19, including leave taken to receive and/or recover from COVID-19 vaccines.  The Internal Revenue Service (IRS) recently issued a fact sheet further explaining how...

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Section 1031 Tax Deferred Exchanges: Implications of the Biden Proposal

Section 1031 Tax Deferred Exchanges: Implications of the Biden Proposal

On April 28th, 2021, President Biden revealed a slew of tax proposals. One of these proposals involved curtailing the use of a long-standing planning tool -- the Tax Deferred Like-Kind Exchange. Flowing from Section 1031 of the Internal Revenue Code, Section 1031 exchanges are a key component of the investment real estate market, especially for small to mid-size investors. Section 1031 exchanges...

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Act Now – Estate Tax Planning Under the Biden Administration

Act Now – Estate Tax Planning Under the Biden Administration

Over the past twenty years, there has been a dramatic change in the Estate tax laws. Given the Democratic control established in Washington, D.C. this month, additional Estate Tax reform is now a distinct possibility. Currently, each person can give away during lifetime, or distribute at death, an amount of $11.7 million without being subject to federal Estate Tax. That high exemption amount may...

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City of Milwaukee Board of Review Extends Property Tax Notice of Assessment Objection/Appeal Deadline to June 8, 2020

On Friday, May 15, 2020, the City of Milwaukee Board of Review voted to extend the deadline for filing assessment objections for 3 weeks to Monday, June 8, 2020, at 4:45 p.m. The Board of Review extended the deadline to assist residential property owners, many of whom saw assessment increases, additional time to review their assessments, and communicate with City assessors in light of the...

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IRS Clarifies Stimulus Checks Sent to Deceased Taxpayers Must Be Returned

IRS Clarifies Stimulus Checks Sent to Deceased Taxpayers Must Be Returned

  By: Jacqueline L. Messler The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law March 27, made cash rebates of up to $1,200 available to 150 million Americans. Shortly after the IRS started sending payments, there were stories of payments being made to deceased taxpayers. Specifically, checks were made payable to the recipient, with “DECD” next to the recipient’s...

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City of Milwaukee Property Tax Notice of Assessment Objection/Appeal Deadline – May 18, 2020

By: Christopher J. Jaekels and Ryan M. Spott The City of Milwaukee recently sent its 2020 “Notice of Assessed Value – Real Property” to City of Milwaukee property owners. City of Milwaukee property owners can all expect one commonality—an increase in assessed values across all 15 of the City’s aldermanic districts. According to the Assessor’s Office, the average assessment increased 9.14%...

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IRS Issues Strict Rules and Documentation Requirements for Required Paid Leave Credit, Launches Employee Retention Credit

By: Bruce B. Deadman and Laurie E. Meyer Yesterday the IRS took two actions which have an immediate impact on employers regarding what documentation they must keep in order to get a refundable tax credit for their employees’ paid leave under the Families First Coronavirus Response Act (FFCRA), and how businesses may qualify for a tax credit of up to $10,000 for regular wages paid to employees...

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CARES Act: Historic Senate Legislation to Provide Individuals with Personal Tax Rebates Among Other Tax Advantages (Updated March 27, 2020)

By: Ann M. Rieger On Friday, March 27th, the House of Representative approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Act, which is designed to provide economic relief as the United States adapts to the outbreak of COVID-19, had previously been approved by the Senate in the late hours of March 25th, by a rare bipartisan vote of 96-0. With President Trump’s...

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Claiming Tax Credits For Paid Leave Under The Emergency Family And Medical Leave Act And The Emergency Paid Sick Leave Act

By: Mark G. Kmiecik and James M. Kalny The Families First Coronavirus Response Act (“Act”) provides two new refundable payroll tax credits (“tax credits”) for employers providing paid emergency sick leave or paid FMLA, including tax relief for self-employed individuals. As written, however, the Act is not practical as to these tax credits, since an employer would not be reimbursed until some...

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