The Service issued proposed regulations corresponding to IRC § 199A yesterday. As discussed in a prior blog post, IRC § 199A potentially allows individuals, trusts and estates to deduct up to 20% of qualified business income...more
8/9/2018
/ Anti-Abuse Rule ,
Business Income ,
Business Ownership ,
Business Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Pass-Through Entities ,
Proposed Regulation ,
S-Corporation ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
BACKGROUND -
The Tax Cuts and Jobs Act (“TCJA”) adopted a new 20% deduction for non-corporate taxpayers. It only applies to “qualified business income.” The deduction, sometimes called the “pass-through deduction,” is...more
1/30/2018
/ Business Income ,
Business Taxes ,
C-Corporation ,
Compensation ,
Deduction Limitations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Landlords ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Property Owners ,
S-Corporation ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Penalties ,
Tax Reform ,
Threshold Requirements ,
Trump Administration ,
W-2 ,
Wage and Hour
BACKGROUND/PRIOR LAW -
PartnershipUnder IRC § 708(a), a partnership is considered as a continuing entity for income tax purposes unless it is terminated. Given the proliferation of state law entities taxed as partnerships...more
1/23/2018
/ Business Assets ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Limited Liability Partnerships ,
Mergers ,
Partnerships ,
Repeal ,
Reporting Requirements ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Reform ,
Termination ,
Trump Administration