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The flat 21% corporate federal income tax rate ushered in by the Tax Cuts and Jobs Act made the idea of operating your business as a C corporation more attractive than before. The flat 21% rate applies to both "regular" C corporations and C corporations that are classified as personal service… Read more
As part of its 2023 budget bill, New York state expanded the benefits of its elective pass-through entity tax (PTET) for some resident S corporation shareholders. The budget bill also creates a PTET election for New York City, making it the first U.S. local jurisdiction to offer such an election.
2021 was a busy legislative year. A new administration took office. The American Rescue Plan was enacted in March. The Infrastructure Investment and Jobs Act (IIJA) was signed into law in November.
The federal income tax rules that apply to private equity funds and investors have been the subject of much debate, mainly due to the perception by some members of Congress and the public that the rules include tax benefits that unfairly favor the wealthy.
After months of negotiations, the White House announced a framework for President Biden’s Build Back Better agenda, a $1.75 trillion package of social infrastructure measures paid for by tax increases. The measures are in addition to those previously approved by the Senate in the…
The House Ways and Means Committee on September 15TH approved a tax package that would increase rates on high-net-worth individuals and corporations and affect cross-border activity and pass-through entities, advancing the tax elements of the Biden administration’s “Build Back Better” agenda.
On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee over the next few days. Most tax proposals were anticipated; however, the House provided a few surprises.
Earlier this year New York State introduced an optional 'Pass-through entity tax ("PTET")' that partnerships or New York S Corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. This type of tax has been enacted by a number of states and is…
