In Soroban Capital Partners v. Commissioner, the United States Tax Court determined that entities formed as state law limited partnerships did not necessarily mean that the limited partnerships’ limited partners were limited...more
4/17/2024
/ Business Entities ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Partnerships ,
Partnerships ,
Self Employed ,
Self-Employment Tax ,
Tax Court ,
Tax Exemptions ,
Tax Planning
On February 21, 2024, the IRS announced plans to begin audits on aircraft that may be used for both business and personal purposes. This push is a part of the IRS’s broader focus on improving tax compliance in high-income...more
On January 16, 2024, the Treasury Department and Internal Revenue Service (“IRS”) announced that the agencies are postponing the implementation of increased reporting requirements for digital asset transactions under the...more
1/22/2024
/ Cryptocurrency ,
Digital Assets ,
FinCEN ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
U.S. Treasury
By: Matthew E. Foreman, Esq., LL.M. and Samuel J. Brady On December 21, 2023, the IRS announced a new Voluntary Disclosure Program (the “Program”), allowing employers (both businesses and not-for-profits) who received the...more