News & Analysis as of

S-Corporation

Bradley Arant Boult Cummings LLP

The New Partnership Audit Rules Are Here to Stay: It’s Time to Act - Construction and Procurement Law News, Q2 2018

The January 1, 2018 effective date of the new federal partnership audit rules quietly came and went, with many of our partnership and LLC clients and their advisers hoping that the rules were just a bad dream or would at...more

Nexsen Pruet, PLLC

Piercing the Corporate Veil: South Carolina Formally Recognizes Single Enterprise Theory

by Nexsen Pruet, PLLC on

South Carolina has loosely addressed the amalgamation of interests theory for more than three decades, generally finding that separate corporate entities may be viewed as one if there has been an amalgamation of the corporate...more

Farrell Fritz, P.C.

Shareholder Oppression, S Corps, & A Second Class Of Stock?

by Farrell Fritz, P.C. on

Woe to the Oppressed Shareholder- As I write this post on Bastille Day, I am reminded how an oppressed people, realizing the injustice of their circumstances, and having reached the limits of their endurance, took the first...more

Foodman CPAs & Advisors

Did you know that IRS is running 35 Campaigns?

by Foodman CPAs & Advisors on

In January 2017, the IRS Large Business and International Division initially announced the launch of a “compliance campaign process” in which IRS identifies compliance issues that present risk and require a response in the...more

Eversheds Sutherland (US) LLP

LB&I adds new campaigns on virtual currency and transition tax

On July 2, 2018, the Large Business and International (LB&I) Division of the Internal Revenue Service (IRS) announced five new compliance campaigns, including campaigns relating to virtual currency and the transition tax...more

Farrell Fritz, P.C.

Choice Of Entity, Shareholder Disputes, And The Discovery Of Tax Returns

by Farrell Fritz, P.C. on

The reduction in the Federal income tax rate for C corporations, from a maximum of 35-percent to a flat 21-percent, along with several other changes made by the Tax Cuts and Jobs Act (the “Act”) that generally reflect a pro-C...more

Farrell Fritz, P.C.

Cannabis, Business Expenses, And The Code

by Farrell Fritz, P.C. on

Last week’s post may have left some readers feeling lightheaded or anxious. It is highly unlikely that this week’s post will leave these individuals in a greatly altered state, though it may alleviate their condition to some...more

Farrell Fritz, P.C.

S Corps, CFCs & The Tax Cuts & Jobs Act

by Farrell Fritz, P.C. on

Pro “C” Corporation Bias? Although closely-held businesses have generally welcomed the TCJA’s amendments to the Code relating to the taxation of business income, many are also frustrated by the complexity of some of these...more

Murtha Cullina

Connecticut Department of Revenue Services Issues Further Guidance on Connecticut Pass-Through Entity Tax

by Murtha Cullina on

This Client Alert updates a previous Murtha Cullina LLP Client Alert titled “Legislative Changes to Connecticut Income Tax” (from May 16, 2018). The previous Client Alert explained that the Connecticut general assembly passed...more

Ward and Smith, P.A.

Choice of Entity for the Closely Held Business—Comparing LLCs and Subchapter S Corporations

by Ward and Smith, P.A. on

While the Internal Revenue Code ("Code"), Subchapter C Corporation ("C Corp") will be the proper choice of entity for some closely held businesses (particularly in light of the federal tax reform package that became effective...more

Farrell Fritz, P.C.

Debt . . . Worthless Debt . . . No Debt At All?

by Farrell Fritz, P.C. on

It is said that repetition is the mother of all learning. It is also said that insanity is repeating the same mistake and expecting a different result. It is my hope that the result of the former will overwhelm the source of...more

Bracewell LLP

Application of Partnership Audit Rules to Private Funds

by Bracewell LLP on

On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015, which included a new federal audit regime for partnerships and entities classified as partnerships for federal income tax purposes (the...more

Williams Mullen

Interim Guidance Issued on New Business Interest Expense Limitations

by Williams Mullen on

The IRS and the Treasury Department recently announced interim guidance to help taxpayers comply with the new business interest expense limitations under the Tax Cuts and Jobs Act (P.L. 115-97) (the “Act”). Notice 2018-28,...more

Verrill Dana LLP

Lawyers on Tap: Tap Tips for Entity Formation and Taxation

by Verrill Dana LLP on

In this episode of Verrill Voices: Lawyers on Tap, Verrill Dana attorneys Jennifer Green and Jonathan Dunitz discuss the importance of entity formation to the overall success of a brewery business, and the differences between...more

Whitman Legal Solutions, LLC

If One Musician Plays A Wrong Note, the Entire Orchestra Now May Pay the Price -- Be Aware of New Partnership Tax Audit Rules

In 1985, the “participatory journalist” George Plimpton worked as a temporary percussionist, playing sleigh bells, triangle, bass drum, and most notably, gong, with the New York Philharmonic. During a performance, he once...more

Farrell Fritz, P.C.

You Can Lead Clients To Water, But You Can’t Make Them Drink

by Farrell Fritz, P.C. on

Will They Ever Learn? The following probably sounds familiar. You’re meeting with a new client who is being audited by the IRS. The client brings you their federal and state individual income tax returns and the income tax...more

Garvey Schubert Barer

Decoding the Tax Cuts and Jobs Act – Part X: Oregon Disconnects from IRC Section 199A

by Garvey Schubert Barer on

As we have been discussing these past several weeks, the Tax Cuts and Jobs Act (“TCJA”) drastically changed the Federal income tax landscape. The TCJA also triggered a sea of change in the income tax laws of states like...more

Foley & Lardner LLP

7 Things to Know About Physician Practice Recapitalization Transactions

by Foley & Lardner LLP on

A tremendous amount of capital has been, and continues to be, dedicated by private equity sponsors, and private equity backed companies, toward the recapitalization of physician practices...more

Farrell Fritz, P.C.

Basis Consistency – Between Corporations And Shareholders?

by Farrell Fritz, P.C. on

Estates and Beneficiaries- I recently encountered a situation in which the so-called “basis consistency” rule was implicated. This rule requires consistency between the estate tax value of a decedent’s property – its fair...more

Whitman Legal Solutions, LLC

So Many Musical Instruments and Business Structures to Choose From

Recently, a mom in one of my social media groups submitted a post asking for advice about the best musical instrument for her children to learn. I posted a reply saying that there is no one best instrument, but rather, the...more

Garvey Schubert Barer

Decoding the Tax Cuts and Jobs Act – Part IX: Impact on M&A Transactions

by Garvey Schubert Barer on

The Tax Cuts and Jobs Act (“TCJA”) will significantly impact merger and acquisition (“M&A”) activity. Although billed as tax reform, the TCJA did not reform or simplify the Internal Revenue Code (“Code”). Virtually none of...more

Farrell Fritz, P.C.

Is It Debt Or Equity? Is It A Dividend Or Compensation? It Must Be A Closely Held Business

by Farrell Fritz, P.C. on

I had a call a couple of weeks ago from the owner of a business. His brother, who owned half of the business, owed some money to someone in connection with a venture that was unrelated to the business. The brother didn’t have...more

Bowditch & Dewey

Legal Basics: Starting a Brewery 101

by Bowditch & Dewey on

Breweries are sprouting up all over, just like we hope spring is! If you are contemplating joining the craze, here are a few tips to keep in mind...more

Farrell Fritz, P.C.

When Tax Truths Collide: “Disappearing” Basis?

by Farrell Fritz, P.C. on

How many times have you said to a client, “Please don’t agree to any deal terms until we’ve had a chance to discuss your goals and plans, consider your options, and analyze the consequences.” How many times has a client...more

Allen Matkins

Was This A Case Of A Partnership That Never Was Or A Superseded Partnership?

by Allen Matkins on

Three men got together to buy and operate a restaurant. They formed a corporation, issued shares and made a "Subchapter S" election. Later, disagreements arose and one of the three sued the other two. Each side struggled...more

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JD Supra Privacy Policy

Updated: May 25, 2018:

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Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

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You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

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California Privacy Rights

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You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

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Access/Correct/Update/Delete Personal Information

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Changes in Our Privacy Policy

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Contacting JD Supra

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How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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