When the Tax Cuts and Jobs Act[1] was introduced on November 2, 2017, perhaps the single most important issue on the minds of many closely held business owners was the future of the estate tax: was it going to be repealed as had been promised? A closely related question – and perhaps of equal
The 2017 Tax Act: Other “Pass-Through” Tax Provisions – Part II
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.
Profits Interests
A partnership may issue a profits (or “carried”) interest in the partnership to a service or management partner in exchange for their
The 2017 Tax Act: Other “Pass-Through” Tax Provisions – Part I
Our last post reviewed the “20% deduction” that may now be available to the owners of certain pass-through entities based upon their qualified business income; as we saw, there are many questions that remain unanswered.[1]
Today’s post is the first of two[2] this week in which we continue our consideration of those income tax provisions