Tax Reform
Choice of US Entity for Foreign Companies
Foreign companies (“FC”) wishing to establish a US entity to expand their business activities in the US will need to consider whether to form a corporation (Inc.) or a limited liability company (LLC). Likewise, an FC which wants to invest in an Inc. or an LLC will need to be familiar with certain tax and non-tax aspects of an Inc. and an LLC…
Read MoreUpdated Estate And Gift Tax Exclusions For 2019
The Tax Cuts and Jobs Act of 2017 created sweeping amendments in federal tax legislation, including important modifications to the federal estate and gift tax laws. The impact of the federal estate tax changes on the D.C. and Maryland estate tax systems created a frenzy of local legislation during 2018. As the dust settles on 2018, there is more clarity for estate tax exemptions in 2019.
Read MoreThe Tax Implications of The Tax Cuts and Jobs Act of 2017 on Divorce
Co-authored by: Richard A. Gray and Jim Markwood The Tax Cuts and Jobs Act (TCJA), P.L.115-97, passed by Congress on December 22, 2017…
Read MoreLatest Tax Court Case Delivers Blow To State-Legal Marijuana Businesses On Application Of IRC Section 280e
A decision of the US Tax Court issued on November 29 in Patients Mutual Assistance Collective Corporation (D.B.A. Harborside Health…
Read MoreThe Weekly Scenario: Time Traveling IRS
Question: In general, how far can the IRS go back in time to audit your tax return? Answer: Traditionally, the statute…
Read MoreThinking About Hiding Money From The IRS In Offshore Bank Accounts? Don’t Go There!
The US Department of Justice this week announced that a US resident faces three years in prison and fines after…
Read MoreWhat Happened To Your Tax Matters Partner?
If you have partnership (including LLC) clients, you probably know the Partnership Agreement or Operating Agreement contains a provision appointing…
Read MoreThe 2017 Tax Act Eliminated Deductions For Entertainment, But IRS Issues Guidance Stating That Business Meals Remain Partially Deductible
Prior to the change made by the 2017 Tax Act, taxpayers could deduct up to 50 percent of entertainment expenses…
Read MoreIRS Shoots Down States’ Efforts to Circumvent Federal $10,000 Limit on Deduction for State and Local Tax Payments
This week, the IRS announced new regulations to thwart efforts by some states to circumvent the $10,000 limitation on individuals’…
Read MoreSmall and Medium-Sized Business Owners: Know How the Tax Cuts and Jobs Act Impacts You
Numerous corporations in the United States are cheering the passage of H.R. 1, known as the Tax Cuts and Jobs…
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