On July 27, the Senate reached a deal that would raise taxes on carried interest income earned by investment managers. If enacted, the Inflation Reduction Act of 2022 (the “Act”) would amend the relatively new Section 1061...more
This newsletter was updated March 25 to reflect new information released by the IRS. On March 21, 2020, the IRS released IRS Notice 2020-58, which replaces all earlier announcements concerning extended deadlines discussed in...more
This newsletter was updated March 19 to reflect new information released by the IRS. The IRS has now released IRS Notice 2020-17 which clarifies some issues concerning the 90-day extension discussed in our previous alert...more
The IRS and Treasury have released proposed regulations under newly-enacted Internal Revenue Code Section 199A, which creates a deduction for qualified business income that non-corporate taxpayers receive from passthrough...more
On April 2, the Treasury and the IRS issued Notice 2018-28 which provides guidance concerning the business interest expense limitation enacted as part of tax reform. The guidance includes the application of the rules to...more
Prior to tax reform, tax considerations tipped the scale heavily in favor of operating a business through a partnership or other pass-through entity rather than a corporation. Now that the corporate income tax rate has been...more
On December 15, 2017, the House and Senate conferees released a final version of the Tax Cuts & Jobs Act. Votes for passage of the bill are intended to take place in the House on Tuesday, December 19, 2017 and in the Senate...more
12/20/2017
/ Alternative Minimum Tax ,
Business Taxes ,
Child Tax Credit ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
LIHTC ,
Pass-Through Entities ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform
On November 2, 2017, the House Republicans released their long-awaited tax reform bill, the Tax Cuts & Jobs Act. If the bill becomes law, it will mark the most significant change to the Tax Code in thirty years. The bill...more