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Yahoo
28-05-2025
- Business
- Yahoo
IPO Market Misperceptions
CorpGov is pleased to provide complete video coverage of the inaugural Princeton CorpGov Forum held on May 22, 2025, at in Princeton, New Jersey. The event featured over a hundred institutional investors, corporate executives, and Princeton alumni/students in an afternoon of panels, firesides and networking. Private and Public Capital Markets Assessment Panel Tad Nacheff, Head of Financial Sponsor Coverage – Capital Markets, New York Stock Exchange , Managing Director, Stifel , Managing Director, Eisner Advisory Group , Senior Director, Roberts & Ryan Investments Inc. Jarrett Banks, Editor-at-Large, CorpGov (Moderator) Watch full video: This embedded content is not available in your region. Speakers and Notable Attendees '87, Senior Partner 1Roundtable Partners (1RT) and 10T Holdings (10T); Former CEO of NYSE-listed Sotheby's and The Madison Square Garden Company '90, Former CEO, Sabre Industries, Inc., acquired by Blackstone '90, Co-Founder and Managing Partner, Hundredwatt Labs '91, Co-Founder and Managing Director, Tractus Asia '97, Managing Partner and Chief Investment Officer, Standard General, and Chairman of the Board, Bally's Corp Michael Weiksner '95, Co-Founder and Chief Technology Officer, DragonGC , Partner, Mergers & Acquisitions and Private Equity, Vinson & Elkins LLP , Senior Director, Roberts & Ryan Investments Inc. , Founder and CEO, Octus , Managing Director, Stifel Ryan Flanagan, Managing Director, Investor Relations, ICR Ira Gorsky, Managing Director, Edelman Smithfield Rafique Jiwani, Vice President, Goldman Sachs Private Equity , Partner, Eisner Advisory Group , CEO and Co-Founder, Marlinspike Partners , Shareholder Activism Development Lead, Bloomberg LP , Business Reporter, New York Post Kenneth Mantel, Partner, Olshan Frome Wolosky LLP Tad Nacheff, Head of Financial Sponsor Coverage – Capital Markets, New York Stock Exchange Joseph Quintilian, Partner, Distributed Capital Partners, and co-founder, Ajna Labs LLC Zachary Swartz, Partner, Real Estate Capital Markets and Mergers & Acquisitions, Vinson & Elkins LLP , Managing Director, Eisner Advisory Group Heath Winter, Partner, Corporate Governance & Shareholder Engagement, Longacre Square Partners Jarrett Banks, Editor-at-Large, CorpGov (Moderator) John Jannarone, '03, Editor-in-Chief, CorpGov (Moderator) Contact: CorpGov Editor@ The post IPO Market Misperceptions – Princeton CorpGov Forum appeared first on CorpGov.
Yahoo
27-05-2025
- Business
- Yahoo
‘Is this a good tax strategy or a sham transaction?' My mother wants to give me her home. I have a plan to avoid taxes.
If my mother sells or gifts me her $800,000 personal residence to me, my understanding is that I also get her adjusted cost basis. If she holds a note for 100% of the purchase price and then gifts me the note, will I end up with current fair market value as my cost basis? As a result, she would have no income-tax consequence — right? — because her original cost basis and her recently deceased spouse's stepped-up cost basis, plus their combined personal-residence exclusion, more than covers the fair market value. 'You never know what might happen': How do I make sure my son-in-law doesn't get his hands on my daughter's inheritance? Why Obama's former budget director is now sounding alarms about debt I'm hosting a Memorial Day barbecue. Would it be so bad to ask my guests to make financial contributions? 'Is this a good tax strategy or a sham transaction?' My mother wants to give me her home. I have a plan to avoid taxes. My daughter's boyfriend, a guest in my home, offered to powerwash part of my house — then demanded money Is this gift a good tax strategy or a sham transaction? Adult Child Related: My tenant convinced me to take out a $175,000 home loan to buy stock — then he stole my home It's more complicated than that. If your mother gifts you the property today, you would be well within the lifetime gift-tax exclusion of $13.99 million, and far above the annual gift-tax exclusion of $19,000 so you would have to file a gift tax return (Form 709). However, you will lose your step-up in basis if/when you decide to sell. 'When you make a gift transaction, for income tax purposes, the child will assume your tax basis in the property,' says Quatrini Law. 'This can become an important tax issue down the road. Your child could therefore expend thousands of dollars in capital gain tax that potentially could have been avoided had you simply kept the property in your name.' If your mother purchased the home for $100,000 and it's now worth $800,000, gifting the home to you assumes that the tax basis in the property is $100,000, not $800,000 and/or the value at the time of your mother's passing. That would increase the amount you would have to pay in capital-gains tax at a sale by at least tens of thousands of dollars. There are other options. Your mother could sell the property to you and hold the note/loan agreement for the balance of the purchase price. If her house is worth $800,000 and you decide to give $100,000 as a down payment, she holds the note for $700,000. This would mean you still get your step-up in basis. If, on the other hand, you purchase the house from your mother at fair market value and she holds a note for 100% of the purchase price and subsequently forgives the note a later year, you will end up with the current fair-market value as your cost basis, says Pamela Dennett, partner, private client services, at Eisner Advisory Group. Forgiving a note is typically treated as a gift. 'The general rule is that the basis of property received as a gift is the same as the basis in the hands of the donor,' Dennett says. 'However, in this scenario, you are purchasing the property at fair market value, which establishes your cost basis at the purchase price.' Therefore, the subsequent gift of the note, in a later year, would not affect the tax basis of the purchased property, she adds. 'Your mother would have no income-tax consequence from the sale of the house if the combined adjusted cost basis (including the stepped-up basis from her recently deceased spouse) and the personal-residence exclusion cover the fair market value.' Under Section 1014 of the U.S. tax code, the cost basis of property acquired from your mother would be the fair market value at the date of her death. Existing law allows for single filers to exclude $250,000 in capital-gains tax, which doubles to $500,000 for joint filers. That amount, established in 1997, has not changed in 26 years. Therefore, if the combined basis and the exclusion exceed the fair market value, there would be no taxable gain on the sale, and thus no income-tax consequence for your mother, Dennett says. She would have to file a U.S. gift-tax return in the year she forgives the note and, assuming she has not yet reached her lifetime gift exclusion, she would not owe gift tax to the IRS. Proceed with care. I've received many letters from readers who purchased a home from their parents only to find themselves in a sticky situation. This reader wrote to say he bought his parents' home and put his brother on the deed, and his brother is now holding the entire family 'hostage' and won't pay the mortgage. Another woman wrote to me earlier this year to say she'd purchased a home for and (this is the sticky part) with her parents, and paid the legal costs and the down payment, with the agreement that they would sell their home and repay her their share for the new home. Surprise, surprise! The parents reneged on the deal. Even parents can pull a fast one on their own kids. Family drama aside, your plan sounds like a solid one from a tax perspective. Related: Will Trump's policies lead to a recession? I'm 62 and earn $50,000 a year. How should I invest $100,000? I met a friend for lunch. When the check arrived, she said, 'Thank you so much for paying!' Was I taken for a fool? 'She has been telling him lies': My sister convinced my father to sign everything over to her. What can I do? My father died, leaving everything to my 90-year-old stepmother. Do I have a right to ask her if I'm in her will? Rising bond yields give stock-market investors the yips. Watch these levels. 'What we found horrified us': My elderly relative mistook charity envelopes for overdue bills — and gave thousands to other family members My ex-wife said she should have been compensated for working part time during our marriage. Do I owe her? It's my dream to travel to Africa. Can I pay for my husband's trip without commingling our finances? My brother's 'good daughter' siphoned $70,000 from her father's accounts. Should she still get an inheritance?
CBS News
16-04-2025
- Business
- CBS News
Missed the IRS tax filing deadline? Here are 5 steps experts say to take now.
You're not alone if you missed this year's April 15 tax filing deadline . Millions of Americans find themselves in this position each year, for reasons ranging from simple oversight to life events. While the IRS imposes penalties for unfiled taxes and delinquent filing, it's not too late to deal with the situation. Tax professionals emphasize that addressing it promptly can minimize consequences and open pathways to resolution. Below, they detail specific steps to take if you're among those who missed the deadline. Start tackling your existing tax debt here now . These five expert-recommended moves can help you get back on track with the IRS: "File as soon as possible to minimize failure-to-file penalties, which are 5% per month (or portion of a month) on any unpaid taxes," warns Miri Forster, partner and national tax controversy leader at Eisner Advisory Group, LLC, an accounting, tax and business advisory firm. Filing promptly is essential even if you're expecting a refund instead of owing money. You'll have up to three years to secure your refund before it's forfeited. "[Electronic filing] with direct deposit [is] the fastest way to get your refund," says Lisa Greene-Lewis, a certified public accountant and tax expert at TurboTax. Get started with your taxes today . The IRS has issued tax help for victims of major disasters , including hurricanes and wildfires. If you live in one of the affected regions, you may be eligible for an extension for your 2024 tax returns and payments. For example, Los Angeles residents affected by the January wildfires may have until October 15, 2025, to file taxes. Experts, including Forster, encourage making your tax payment quickly to reduce late filing and late payment fees. The failure to pay penalty is 0.5% of the tax owed after the due date — for each month or part of a month the tax remains unpaid — up to 25%. Short on funds? Stephen A. Weisberg, principal attorney at tax defense company The W Tax Group, emphasizes that partial payment is better than no payment. "The more you pay on what you owe, the less the failure-to-pay penalty [you'll get]," he explains. Assuming you file your return on time and set up an IRS installment agreement, the penalty rate drops from 0.5% to 0.25% monthly. This reduction alone could save you money while you pay off your tax debt. The IRS offers several payment plans and relief services if you can't pay your full tax bill right away: "[Get] help the minute you realize you need [support in] filing your return and [won't] be able to pay what you owe," urges Weisberg. He recommends seeing a tax attorney, a certified public accountant or an enrolled agent. These three designations are the only ones recognized to represent taxpayers with IRS debt. Research the top tax relief companies and be cautious of ones making promises that sound too good to be true. Falling behind on taxes doesn't have to be a financial catastrophe. "Work with a tax advisor to file them quickly and explore options to minimize penalty exposure," suggests Forster. Without your filed return, the IRS may create a substitute return that omits your eligible credits and deductions, potentially leaving money on the table that should be yours.
