Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
Help ensure your partnership or LLC complies with tax law Tax issues must be addressed when drafting partnership and LLC operating agreements. This is also true of multi-member LLCs, which are treated as partnerships for tax purposes. Here are some...
LLC (limited liability company) is a popular choice for small to medium-sized businesses due to its ability to provide liability protection for owners and favorable tax treatment as a partnership. LLC owners can also elect to be taxed as a partnership, allowing for pass-through taxation and special allocations of tax benefits. Unlike S corporations, LLCs are not subject to restrictions on the number of owners and types of ownership interests. It’s important to consider state regulations when choosing an LLC structure
Partners may have to report more income on tax returns than they receive in cash Are you a partner in a business? (Note: this includes LLC members if the LLC is treated as a 1065 Partnership for tax purposes!)You may have come across a situation that’s...
Important tax aspects of operating your business as a sole proprietor If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:...
WHY DO LLC MEMBERS AND PARTNERS SOMETIMES REPORT MORE INCOME ON TAX RETURNS THAN THEY RECEIVE IN CASH? If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was...
HOW ENTREPRENEURS MUST TREAT EXPENSES ON THEIR TAX RETURNS Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend...
BEWARE THE IDES OF MARCH — IF YOU OWN A PASS-THROUGH ENTITY Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax...
WHEN ARE LLC MEMBERS SUBJECT TO SELF-EMPLOYMENT TAX? Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment...
CHOOSING THE BEST BUSINESS ENTITY STRUCTURE POST-TCJA For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The...
DON’T FORGET: 2017 TAX FILING DEADLINE FOR PASS-THROUGH ENTITIES IS MARCH 15 When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The...
