News & Analysis as of

Partnerships

Court Holds That Plaintiff Did Not Establish Continuing Tort Theory To Defeat A Statute Of Limitations Defense To A Breach Of...

by Winstead PC on

In Vaschenko v. Novosoft, Inc., a partner from an alleged oral partnership sued his partner for breach of fiduciary duty. No. 03-16-00022-CV, 2018 Tex. App. LEXIS 771 (Tex. App.—Austin January 26, 2018, no pet. history). The...more

Choices for Illinois Taxpayers in Implementing the 2017 Income Tax Rate Increase

by McDermott Will & Emery on

Last year, Illinois enacted a mid-year income tax rate increase. Effective July 1, 2017, Illinois increased the income tax rate for individuals, trusts and estates from 3.75 percent to 4.95 percent, and for corporations from...more

Bracewell Tax Report: Week of February 12

by Bracewell LLP on

The Tax Cuts and Jobs Act (TCJA) effected sweeping reform across the Internal Revenue Code. This report, and future installments, will discuss this legislation and other important tax guidance, including how such authorities...more

Partnership Audit Rules Have Changed Under New Tax Law

by Jaburg Wilk on

Congress enacted the Bipartisan Budget Act of 2015 (“BBA”) under which existing partnership audit rules have been replaced. The new BBA audit rules are broad and complex and effective for partnership tax returns filed for tax...more

How Physicians Can Plan For The New 20% Deduction For Qualified Business Income From Pass Through Entities

by Murtha Cullina on

On December 22, 2017, President Trump signed the "Tax Cuts and Jobs Act" into law. Effective as of January 1, 2018, the Act represents the most sweeping changes to the US tax code in the last 30 years. While the most...more

The New Section 199A 20% “Profit Deduction” for Pass-Through Businesses: The Undecided Issue of Owner Compensation

by McNair Law Firm, P.A. on

Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more

U.S. Tax Reform: Key Considerations for Non-U.S. Families with Connections to the United States

by Benesch on

The Tax Cuts and Jobs Act (the Act) was signed into law on December 22, 2017. The Act is without a doubt the most impactful reform to the Internal Revenue Code since the tax reform of 1986. While it does not appear that the...more

Court Affirmed Finding That An Oral Partnership Existed And That A Partner Breached Fiduciary Duties

by Winstead PC on

In Harun v. Rashid, two individuals started a restaurant business; one operated the business and the other financed it. No. 05-16-00584-CV, 2018 Tex. App. LEXIS 231 (Tex. App.—Dallas January 9, 2018, no pet. history)....more

Decoding the Tax Cuts and Jobs Act – Part V: Changes to IRC §163(j) and the Business Interest Deduction Rules

by Garvey Schubert Barer on

“Neither a borrower nor a lender be...” or at least, if you insist on borrowing (and we understand the appeal), we are here to help you stay abreast of the new rules on deducting interest. BACKGROUND/PRIOR LAW - Interest...more

Impact of 2017 Tax Act on Real Estate Activities

by Sullivan & Worcester on

The first, global observation to share is that the real estate industry dodged a lot of potential bullets during the tax reform process and came out smelling like roses – indeed, actually came out ahead, overall, under the...more

Shareholder Pay – Need it Always be Equal When Ownership is Equal?

When you and your business partner started your company, being 50/50 partners sounded like the only fair way to go. After all, you were both putting in the same amount of money. You were both supposed to work equal hours,...more

Tax Cuts and Jobs Act of 2017 Extends Profit Interest Holding Period

The Tax Cuts and Jobs Act imposes a three-year holding period, rather than a one-year holding period, in order to qualify for long-term capital gains rates with respect to profits interests received in connection with the...more

Uber-Union Partnership May Jumpstart the “Portable Benefits” Movement in the Gig Economy

by Fisher Phillips on

Of all the public policy debates surrounding the gig economy of late, one of the hottest topics has been “portable benefits” – the concept that gig economy workers should have flexible, portable benefits that they can take...more

Key Takeaways from Our 2017 Corporate Law for Accountants Seminars

Haynsworth Sinkler Boyd recently hosted our annual Corporate Law for Accountants Seminars across South Carolina. These complimentary seminars covered three main topics: (1) operating agreements, (2) employment law and (3)...more

Reform Proposes Sweeping Changes to CFIUS Reviews

Over the past year, a bipartisan group of legislators in Congress has been drafting and soliciting support for a new statute that, if passed, would dramatically reform national security reviews performed by the Committee on...more

Tax Reform's New Incentives for Investments in Low-Income Communities: Part 2

by Holland & Knight LLP on

• Part 1 of this series of Holland & Knight alerts described a new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones." Part 1 also explained the...more

What Lies Ahead? Q1 2018 Investment Management Regulatory Updates and Reminders

by Dorsey & Whitney LLP on

As we start the New Year, we would like to remind our clients of certain regulatory developments and upcoming deadlines for Q1 2018. New Form ADV - The new Form ADV takes a deeper dive by requiring additional...more

Decoding the Tax Cuts and Jobs Act – Part III: IRC § 708 and the Partnership Termination Rules Have Changed

by Garvey Schubert Barer on

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

Disposition of a Partnership Interest Now Subject to Tax Withholding

by K&L Gates LLP on

The new Tax Cut and Jobs Act of 2017 (the “Act”) contains a provision that is of great importance to any persons buying or selling an interest in a partnership. New Section 864(c)(8) of the U.S. Internal Revenue Code (the...more

What Is the Impact of Tax Reform on US Wind Tax Equity Deals?

A Word About Wind has published our article What Is the Impact of Tax Reform on US Wind Tax Equity Deals? in its blog (subscription required) and newsletter. ...more

Helping Non-Profits Navigate Tax and Labor Issues

by Proskauer For Good on

Amanda Nussbaum, a partner in the Tax Department and a member of the Not-for-Profit Group at Proskauer, chairs a comprehensive seminar each fall for non-profits to discuss current developments and topics of interest related...more

New Partnership Audit Regulations Released as Permitting Push-Out Election Through Tiered Partnerships

by Ropes & Gray LLP on

In a trilogy of releases in the last six weeks, the Department of Treasury (“Treasury”) provided much-needed guidance on the implementation of the partnership audit rules in the Bipartisan Budget Act of 2015 (the “BBA...more

CPA Shoptalk: 8 Takeaways

On January 10th, 11th and 18th our tax attorneys ?hosted a "CPA Shoptalk" seminar in ?Portland, Vancouver and Bend. Below are ?some key takeaways to consider... 1. Partnership Audit Rules Post-TEFRA - The Balanced...more

Has Your Partnership or LLC Agreement Been Updated to Comply with the New Tax Rules?

The new partnership audit rules substantially change the audit procedures for partnerships (including multi-member LLCs) and may require that you update certain provisions within your partnership or LLC agreement to maintain...more

Tax Reform: Impact on Private Equity and M&A

by Vedder Price on

On December 22, 2017, new tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act represents a major overhaul of the U.S. federal tax system and includes many new provisions,...more

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