Beneficial Ownership Interest, Crowdfunding, Likability and more

Meet Our Firm

Tim Lafalam

Tim is a Tax Manager with the Firm. Tim has experience working from both planning and compliance perspectives with individuals, estates, trusts, corporations, and partnerships – in states across the United States. With a focus on effective client communication, he has built solid and trusting relationships with countless clients.

Behavioral Science Says This Is the Easiest Way to Be More Likable and Make a Great First Impression (Especially If You're Somewhat Shy), Starting Today

Actually, it's better to respected and liked. As Mark Cuban says, being nice is one of the most underrated business skills, and research -- links to each study appear below -- backs him up. Likable people tend to be...(more)

Management Time: Who’s Got the Monkey?

Why is it that managers are typically running out of time while their subordinates are typically running out of work? Here we shall explore the meaning of management time as it relates to the interaction between managers and their bosses, their peers, and their subordinates. (more)

REMINDER: Beneficial Ownership Announcement

Beginning on January 1, 2024, many companies in the United States will have to register information about their beneficial owners (i.e., the individuals who ultimately own or control the company). They will have to register the information with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department, through an electronic filing system. In general, an entity that exists before January 1, 2024, will not be required to file its initial report until January 1, 2025. The report will typically be a one-time filing, unless there are changes in beneficial ownership information. We do not provide legal advice. As this requirement relates to the formation and structure of legal entities, we recommend that you consult your attorney regarding your filing obligations.

Fact sheet addresses taxability of crowdfunding distributions

The IRS, in a fact sheet released Thursday, reminded taxpayers that crowdfunding distributions may be includible in the gross income of the person receiving them, depending on the distributions' facts and circumstances (FS-2024-28). Also, the crowdfunding site (or its payment processor) may be required to report those distributions to the IRS and the payee if the distributions meet reporting thresholds. (more)

Gift and Estate Tax vs Capital Gains Tax: Which Is Less?

The combined federal and state capital gains tax rates and the lack of a capital gains tax exemption often make the capital gains tax much more costly than the estate taxes for appreciated property. Despite the frequent fact that a trust maker’s beneficiaries might need to pay more in capital gains taxes upon the sale of property than they would need to pay in estate taxes, because the estate tax rate in 2024 is a scary 40%, many estate planners and clients erroneously worry about the estate tax more than capital gains taxes. (more)

Mortgage Interest Rates Today, September 2, 2024 | Rates Dropped a Lot in August. Will They Go Down Further?

Average 30-year mortgage rates were around 6.05% in August, according to Zillow data. This is 40 basis points down from the previous month. In the last week, rates have been hovering just under 6%. Rates fell last month in response to cooling economic data, including the most recent jobs report, which showed that the labor market slowed more than expected in July. This boosted market expectations that the Federal Reserve will start lowering the federal funds rate soon. (more)

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