Situation: A health and welfare plan received an IRS notice suggesting that additional employer reporting was required and that significant penalties could apply. Solution: Our team explained the plan’s status to the IRS and documented that the appropriate federal reporting forms had already been filed. Impact: Our timely and accurate response avoided potentially erroneous penalties […]
Situation: A contractor routinely claimed Section 179 deductions on equipment purchases to reduce taxable income but needed to consider how those deductions affected other available benefits. Solution: Tronconi Segarra & Associates evaluated the approach and helped the client take advantage of available New York investment and employment incentive tax credits. Impact: Our client achieved significant […]
Situation: A distributor owned its building through a separate entity, and the rental income was treated as passive income subject to the 3.8% Net Investment Income Tax. Solution: Tronconi Segarra & Associates made a grouping election that combined the rental activity with the distribution business for the applicable tax treatment. Impact: The election eliminated the […]
Situation: A professional services firm generated significant income across multiple states and needed a coordinated approach to its state and federal tax obligations. Solution: Tronconi Segarra & Associates evaluated applicable state Pass-Through Entity Tax programs and made elections that allowed eligible state income taxes to be deducted on the firm’s federal business tax return. Impact: […]