by hoodlawkc | Business Planning, Tax Planning
Many of our readers are likely already aware of the Sec. 199A “Qualified Business Income” (QBI) deduction. For those who aren’t, this deduction provides a 20% reduction in taxable income for owners of pass-through entities, such as sole proprietorships, partnerships,...
by hoodlawkc | Business Planning, Tax Planning
The sweeping tax reforms recently proposed by Donald Trump’s White House have given rise to a high degree of media scrutiny, public debate, and strongly held personal convictions. If passed, proposals to abolish the estate tax, re-work tax brackets, and do away with a...
by hoodlawkc | Business Planning, Tax Planning
W-2s and Form 1099 Misc Note that all employers must provide W-2s to employees and Forms 1099 Misc for the 2016 taxable year to independent contractors on or before January 31, 2017. Furthermore, the same January 31, 2017 date applies to the filing requirement with...
by hoodlawkc | Business Planning, Tax Planning
Disputes between partners in a partnership is a common occurrence and should be an expected hurdle for partners from the beginning of a business venture. The impact of partnership taxation and lack of flexibility of like-kind exchanges is often the cause of some of...
by hoodlawkc | Business Law, Business Planning, Tax Law
As mentioned in our last newsletter, the IRS continues to keep a watchful eye over S-corporations, requiring minimum levels of “reasonable compensation” to owners who may be otherwise seeking to downplay compensation for tax avoidance purposes. S-corporation...
by hoodlawkc | Business Law, Business Planning
November of last year, the Bipartisan Budget Act of 2015 was signed into law, repealing the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) audit rules and changing the procedures for partnership audits. The new legislation renders many partnership and...
