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IRS

Jan 08, 2019

Business Owners Beware: New Tax Reporting Requirements for Passthroughs

The new section 199A of the Internal Revenue Code (IRC) provides a potential tax break for owners of passthrough entities like S corporations, partnerships, and limited liability companies (taxed as partnerships or as disregarded entities).  For higher-income taxpayers, the 20% Qualified Business Income (QBI) deduction is generally limited to the greater of 50% of the allocable W-2 wages for the trade or business, or 25% of allocable W-2 wages for the trade or business plus 2.5% of the unadjusted basis immediately after acquisition (UBIA) of qualified property.  » Read More

Oct 09, 2018

Manafort’s Trial Reminds Us of Looming OVDP Deadline

With the trial of Paul Manafort in the news, I have been thinking of the conversations I have had with clients about properly disclosing foreign financial assets.  Among other charges, Paul Manafort is indicted for concealing offshore accounts from the U.S.» Read More

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