Insights

If you run a small business (or even a large closely-held business) taxed as an S corporation or partnership, don’t get too excited about the tax rate reduction headlines in Congress’ latest tax reform proposals. The House bill touts a 25% tax rate for business income from these entities. Passive…

In April, the last time tax reform bubbled into the news cycle, we discouraged readers from paying much attention. President Trump’s “proposal” was this single page of bullet points that told us too little to evaluate its merit. Tax reform returned to headlines this week, with the President offering this…

On Wednesday, President Trump released his tax proposal. Take a look. It won’t take long. That’s it. One page of bullet points. For comparison, now look at this discussion of then-candidate Trump’s tax proposals during the presidential election campaign last fall. Anything new? Not really. While restating campaign promises may…

Amongst many things, the Republican sweep in yesterday’s election improves prospects for the most significant tax reforms since 1986. While we instinctually focus on possible changes to our personal tax burdens, business income taxation may offer the most opportunities for structural reforms. Structural changes may or may not reduce the…

Congress has once again passed “Tax Extenders” legislation with only two weeks remaining in the year, but retroactively applicable to January 1. As a result, few will take advantage of its tax breaks in 2015. In past years Tax Extenders legislation expired at the end of the year, also making…