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Copyright (c) 2009 William Piner

A greeting to you all my friends, it is time to write another year end tax planning article. What shall we discuss? What can I tell you all that will offer some sort of financial revelation helping with both your income tax and strategic financial management?

Well, times are difficult but some of you might still be in need of some practical tax planning. How about a C corporation taxpayer (a corporation that is not a subchapter S and pays tax as though operating as an individual) that has a sizeable profit, a father-son ownership team, and reports for tax purposes on the cash basis method of accounting. Suppose that Daddy has aspirations of retiring in the not too distant future. Try this one on for size. For the current year, why not allow the Company to pay tax on $75,000 of income. By leaving this amount of taxable income inside of the C Corporation, the 15% and 25% tax brackets will be exploited. The father ’son owners have a much higher marginal tax rate facing them-35%. By doing it this way, we save money within the corporate structure allowing it to stockpile additional capital to manage operations going forward. The earnings exceeding the $75,000 of desired taxable income will be paid out to father-son in the form of bonus or other compensation. In addition, the Company will make a profit sharing plan contribution on their behalves. This is a great tactic for this Company’s year end tax planning as the lower corporate rates are used for maximum benefit and the owners (father and son) get tax sheltered income in the form of retirement plan contributions. The business now has working capital as we approach another year of operations.

As for a strategic financial consideration, if Father is considering retirement in the not too distant future, why not consider gifting the stock to qualified small business trust, where sonny is the beneficiary, in January (the next year of operations). The Company would then make a corresponding S corporation election (due by March 15th for calendar year corporations-use form 2553). A gift tax return will have to be filed by father and a valuation will need to be performed on the gifted shares. The valuation of these shares will consider the time frame of the gift to the trust and its earnings potential. If father will strip most or all of the earnings and the gift term is say ten years (the recognition period for the S corporation, when it is converted from a C corporation, in order to avoid liquidation tax), the value of the gift will be significantly reduced thus preserving the estate tax exemption for other assets in his estate. The gift tax return is filed on form 709 and is due by the filing of Father’s personal income tax return.

For those of you more advanced, when converting a C corporation to an S corporation, income is recognized at the corporate level to the extent of unreported receivables and payables, the 481(a) adjustment, because of using the cash basis method of accounting for tax reporting purposes. Remember, a major trait of the S corporation involves the flow-through of profits to the shareholders, thus avoiding corporate level tax. Regarding cash basis C corporations converted to S corporations, the would-be taxable income of the entity would have to be eliminated to avoid a corporate level tax. This would be true for the entire ten year recognition period. Because it would be the goal of the corporation to eliminate taxable income, in order to reduce the exposure to gift tax consequences, we have effectively killed two birds with one stone. There will be no corporate level tax; the corporation can continue to use the cash basis method of accounting, and Father will have a limited exposure to estate and gift taxes. Wait a minute, that’s three birds with one stone. Nice.

Hong Kong’s economy has worsened sharply since early 2004, enabling the Chief Executive to promise in his election pledge to reduce the profits tax rate to 15 percent over his current term of office. This would form a reduction of nearly 14 percent from the current headline rate, enhancing Hong Kong’s reputation as one of the world’s most efficient jurisdictions in which to do business.

A Hong Kong-based financial consultancy reports on its website that the Hong Kong government has been pressed to utilize its record budget surplus to reduce taxes on corporate profits. The government in Hong Kong was urged to bring down Hong Kong corporation tax further, considering the global trend, the financial consultancy reported.

Yvonne Law Shing Mo-han, chairman of the Hong Kong Institute of Certified Public Accountants’ taxation committee, said providing increased tax relief would stimulate more corporations to root regional headquarters in the territory.

She said the institute backs Hong Kong Chief Executive Donald Tsang’s call to decrease the corporate profits tax and standard rate of salary tax by 1 percent to 16.5 percent and 15 percent. But, Law added she believes “there is space for further slash in the years to come”.

Law said that it is not a secret that various jurisdictions utilize tax incentives to improve their stature as business centers, and Hong Kong is no exception. Law also said that they support giving regional headquarters full profits tax exemption for management and consultancy income generated by the Hong Kong entity from associated overseas entities.

The high rate of Hong Kong corporation taxes are a drag on the entry of foreign direct investments (FDI) into the country as opponent economies such as China, Spain, Singapore and Germany are likely to cut tax rates, a consultancy firm said in a report.

In a survey spreading across 92 countries, the consultancy firm said the average rate of corporate tax in the EU was 24.2 per cent, compared with 27.8 per cent in the OECD countries, 28 per cent in Latin America and 30.1 per cent in Asia-Pacific.

The institute also called on the government to put into effect ‘polluter pays taxes’ comprising electronic road pricing, fuel duties, air and water pollutant taxes, and other resource consumption taxes. Hong Kong will possibly post a record budget surplus of HK$105.2 billion (US$13.5 billion) in the 2007-08 fiscal year and offer tax cuts consequently. Close to HK$40 billion in tax relief may be announced by Financial Secretary John Tsang.

With the large budget surplus, it is believed the government can afford to introduce some concessions to assist the less fortunate in society. Hong Kong was successful in achieving a second straight budget surplus of HK$58.6 billion in the 2006-07 year. The government predicts another surplus of HK$25.4 billion for the year closing March 2008.