We are constantly asked for additional information on pass through business income deductions in the new tax reform package. While new tax laws have yet to be formally published, there has been a significant change for those who file as a partner, member or sole proprietor which receives income from...
S Corporation Shareholders Should Be Watching Developments in Washington Closely
S Corporation shareholders should be watching developments in Washington closely as the tax bills advance. The recently passed house bill would create a new 25 percent tax bracket for what is referred to as "pass-through entities" such as S Corporations. The tax would apply to that portion of business net...
States ask the IRS to Clarify New Partnership Audit Rules
The "Multistate Tax Commission" adds their voice to the discussion as states ask the IRS to clarify new partnership audit rules and how assessments and adjustments at the entity level will affect how income will be impacted at the state level. The Commission wrote a letter to the IRS requesting...
Does the New Corporate Tax Proposal Actually Create New Tax Shelter Opportunities?
The President's new corporate tax proposal rate of 15% may actually prove to create tax shelters for US taxpayers that would extremely difficult for the IRS to detect or pierce. At issue is the proposed 35% top individual tax rate and the 15% corporate tax rate which would apply to income...