Search results for Pass-Through Businesses

Tax Partner, Not True Partner: The Limits of K-1s in Business Divorce Litigation

The Schedule K-1 is a tax form that pass-through entities use to report each owner’s share of the entity’s income, deductions, credits, and other tax items. It is also one of the g...

When Federal Tax Breaks Stop at the State Line

The expansion of qualified small business stock is a prime example.

UPDATE: Minnesota Pass-Through Entity Tax Extended Through 2027

On May 27, 2026, Governor Tim Walz signed legislation extending the Minnesota pass-through entity tax (PTET) through December 31, 2027. Prior to this extension, and as contemplated...

Final Regulations Modify Information Reporting for Section 751(a) Partnership Interest Exchanges

TD 10048, May 20, 2026 Under section 741 of the Internal Revenue Code (Code), "gain or loss recognized by a transferor partner upon sale or exchange of a partnership interes...

Key Tax Differences in Business Entities

Explore the key tax differences in business entities and understand the taxation of business entities to make informed decisions for your business. Discover how various structures...

Tax Planning for Carve-Out and Take-Private Transactions: Use of Selective Section 338 and/or 336 Elections

In carve-out transactions, especially in take-private transactions backed by private equity (PE), tax friction costs can often make or break a deal. By the same token, creative tax...

What Entities Have No Ownership and Pay No US Federal Taxes?

Discover which entities have no ownership and pay no US federal taxes in our comprehensive article. Learn about the unique characteristics and implications of these tax-exempt orga...

What Entities Have No Ownership and Pay No US Federal Taxes?

Discover which entities have no ownership and pay no US federal taxes in our comprehensive article. Learn about the unique characteristics and implications of these tax-exempt orga...

Analysis of Garcia-Rojas v. Franchise Tax Board: The Limits of the Unitary Business Doctrine for Sole Proprietors

Xavier Garcia-Rojas et al. v. Franchise Tax Board, A172054, California Court of Appeal, First Appellate District, Division Three, May 1, 2026 On May 1, 2026, the California Co...

Substantiation, Entity Indebtedness, and Business Expense Deductibility: An Analysis of the Simmons Case

Cathryn A. Simmons v. Commissioner, T.C. Memo. 2026-34 (April 22, 2026) In a recent memorandum decision, the United States Tax Court addressed recurring substantiation issues...

Ineligible businesses getting payroll tax credits

Small businesses that don't qualify for a payroll tax break are still receiving it, despite the IRS's efforts to stop them, according to a new report.

“Icing on the cake”: Trump’s “big, beautiful” tax law sweetens deals amid surge in owner-user offices

Manuel Farello’s restaurant management firm is making a real estate change –– a pivot that’s expected to pay off with a $200,000 tax writeoff.  After years of leasing workspaces ac...

QSBS Stacking: Leveraging Gifts and Trusts for Additional Section 1202 Exclusions

Section 1202 of the Internal Revenue Code provides one of the most valuable tax benefits available to entrepreneurs and investors who own qualified small business stock (QSBS). Sub...

What Deductions Can Partnerships Claim on Taxes?

Discover the essential deductions partnerships can claim on taxes to maximize their savings. Learn how partnership taxes work and strategies to optimize your deductions effectively...

Testimony: A High-Earner Surtax Would Hurt Rhode Island’s Small Businesses

The economic literature overwhelmingly finds that an income tax increase of this magnitude would negatively affect economic growth and opportunity in Rhode Island.

Tax Planning for Carve-Out and Take-Private Transactions: Use of Selective Section 338 and/or 336 Elections

In carve-out transactions, especially in take-private transactions backed by private equity (PE), tax friction costs can often make or break a deal.  By the same token, creative ta...

Treatment of Loyalty Rewards Program Funds and the Claim of Right Doctrine

Hyatt Hotels Corporation & Subsidiaries v. Commissioner of Internal Revenue, No. 24-3239 (7th Cir. Apr. 22, 2026) Hyatt Hotels Corporation operates a global hospitality br...

The Number 1 Tax Deduction Small Businesses Leave on the Table (and How to Claim It)

A new report shows founders are shifting budgets as their small businesses begin to grow, but some may be overlooking key tax deductions that could save them money.

Key Federal Taxes Small Businesses Must Pay

Discover the essential federal taxes for small businesses that you need to understand. Our comprehensive guide breaks down key tax obligations, helping you navigate the complexitie...

KRA Clarifies Tax Filing Rules for Businesses With Zero Profits

Some businesses have been left wondering what happens to their tax returns in the event they incur losses during a financial year.

<![CDATA[Asembia ASX26: The ‘Entirely Pass-Through’ Business Model]]>

Treasury and IRS Ease Reporting Requirements for Sales of Partnership Interests

Our Federal & International Tax Group examines final regulations that relieve partnerships from the requirement to report a transferor’s share of hot assets and other items wit...

Transferee Tax Liability and the Consequences of Willful Blindness: An Analysis of Dillon Trust Company v. United States

Dillon Trust Company LLC v. United States, No. 2024-1314 (Fed. Cir. May 14, 2026) For tax professionals handling the sale of closely held C corporations with highly apprecia...

What business owners should know about divorce, taxes, and business records

If you are a business owner or the spouse of a business owner considering divorce, the conclusion of tax season is a good time to review strategy with a family law lawyer, as well...