Insights

If you own a business taxed as a sole proprietorship, partnership, or S corporation, the new Section 199A Qualified Business Income Deduction offers one of the biggest potential tax benefits under the recently-enacted Tax Cuts and Jobs Act. It allows you to deduct up to twenty percent of your business…

If you own a closely-held business, it likely utilizes a “pass-through” S corporation or partnership tax classification. The owners pay income tax individually on pass-through entity income, whether or not the business distributes the income. C corporations are different. C corporations pay tax on their own income. The shareholders pay…

Tax inversions have been in the news for several years now, but almost always in the context of a public US company reincorporating in a foreign country to achieve lower tax rates on non-US source income. However, there is another type of inversion, the S corporation inversion, that does not…