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Tax Strategy Secrets That Drive Local Economic Development - Episode 103
Manage episode 508482538 series 3684584
Join host Keith Andrews for an eye-opening conversation with Dr. Bart Basie, retired university professor, IRS subcontractor, and business advisor, recorded live from Nashville. Dr. Basie reveals how federal tax laws aren't just about collecting revenue—they're powerful economic development tools designed to encourage business investment and succession planning.
Key Topics Discussed:
- C-Corporation Tax Advantages: New 21% flat tax rate with escalating tax-free sale benefits
- 50% tax-free profits after 3 years of ownership
- 75% tax-free profits after 4 years of ownership
- 100% tax-free profits after 5+ years of ownership
- Business Succession Planning: How proper estate planning keeps local businesses operating instead of closing when owners retire
- Estate Tax Strategy: The critical importance of filing estate tax returns to maximize basis step-up benefits
- Municipal Incentives: Real-world examples of state and local tax incentive programs that attract development projects
- Economic Development Impact: How tax policy drives business investment decisions and community economic growth
Perfect for economic development professionals, business owners planning exit strategies, commercial real estate developers, municipal leaders, and anyone involved in business succession planning or community development finance.
Guest Bio:
Dr. Bart Basie is a retired university professor who now serves as an IRS subcontractor, helping write certification exams for enrolled agents and tax preparers. As a licensed CPA and attorney in multiple states, he advises companies nationwide on mergers, acquisitions, and tax optimization strategies. Dr. Basie teaches continuing education courses for tax professionals and helps businesses navigate complex federal tax regulations.
Key Takeaways:
- Congress designs tax laws to encourage specific economic activities, not just collect revenue
- Proper business structure matters: C-Corporations offer significant advantages over LLCs for long-term business owners
- Succession planning saves businesses: Without proper planning, retiring business owners may close rather than sell
- Estate tax returns benefit everyone: Filing creates basis step-up that eliminates capital gains taxes for heirs
- Tax laws change frequently: Business owners need current, professional tax advice to maximize benefits
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