I’ve read a number of articles over the last few weeks in which marriage counselors have been predicting a wave of divorce filings once the COVID-19 quarantine has been lifted.[i]
That may be – we’ll just have to wait and see.[ii] Query, however, whether “business divorces” will follow suit?
Earlier this month, the IRS proposed regulations regarding the additional first-year depreciation deduction that was added to the Code by the Tax Cuts and Jobs Act (“TCJA”).[i] The proposed rules provide guidance that should be welcomed by those taxpayers that are considering the purchase of a closely held business or, perhaps, of an interest
Yesterday’s post examined various changes to the taxation of S corporations, partnerships, and their owners.
Today, we will focus on a number of partnership-specific issues that were addressed by the Act.
A partnership may issue a profits (or “carried”) interest in the partnership to a service or management partner in exchange for their