Remove 2017 Remove Compliance Remove Tax Planning
article thumbnail

What is an 83(i) Election and How Do You You File One?

Harness Wealth

The key differences between 83(i) and 83(b) elections The benefits and risks of an 83(i) election The eligibility criteria for an 83(i) election How to file an 83(i) election 83(i) compliance requirements for companies Is an 83(i) election right for you? Before 2017, employees who received RSU or NSO equity compensation faced a dilemma.

Taxes 52
article thumbnail

Tax Deductions vs. Tax Credits: What’s the Difference?

Harness Wealth

For instance, mortgage interest deductibility is capped at loans of $750,000 (or $1 million for homes purchased before December 15, 2017), which could significantly impact your total itemized deductions. A qualified tax professional can help navigate the intricacies of various tax benefits while ensuring compliance with IRS regulations.

Taxes 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Understanding the Tax Implications of Acquisitions

Harness Wealth

Tax planning serves as the cornerstone of the entire acquisition deal, extending far beyond a simple checkbox. Every element, from structure to price negotiations, hinges on understanding tax implications for all parties involved. To qualify for tax-free treatment under IRC Section 368 , attention to detail is essential.

Taxes 52
article thumbnail

A Guide to PTET for Small Business Owners

Harness Wealth

However, it can be particularly problematic when federal tax regulations undergo significant changessuch as the implementation of the federal State and Local Tax (SALT) deduction limit. The SALT deduction cap The Tax Cuts and Jobs Act of 2017 imposed a $10,000 cap on the federal deduction for state and local taxes (SALT).

Taxes 52
article thumbnail

Mythbusting TikTok Tax Advice

Harness Wealth

Employees working remotely due to company policies are not eligible, as the 2017 Tax Cuts and Jobs Act removed home office deductions for W-2 employees. Additionally, understanding the specific tax implications of staking rewards, mining income, and crypto-to-crypto trades will help you avoid any unexpected liabilities.

Taxes 52
article thumbnail

Reversing a Roth IRA Conversion

Harness Wealth

Moving funds from traditional IRAs to Roth accounts triggers immediate taxation but promises tax-free withdrawals in retirement. The stakes became higher after the Tax Cuts and Jobs Act of 2017 eliminated recharacterizationthe ability to reverse conversions that did not work as planned.

Taxes 52
article thumbnail

ISOs vs. NSOs and the Tax Implications [Updated for 2025]

Harness Wealth

However, when exercised, holders must calculate the spread between strike price and fair market value for Alternative Minimum Tax purposes. Documentation significantly impacts ISO tax planning. Companies provide Tax Form 3921 in January to detail the information needed for accurate calculations.

Taxes 52