News Updates

We Stay Up-To-Date on Flow-Through Tax News and Precedents So You Don't Have To.

Below you will find recent rulings and updates affecting flow-through taxes and closely-held business structures. If you have any questons on these, or about any updates on other sites, please do not hesitate to reach out to us for further insights.

If you see anything you believe is important to your flow-through peers and collaborators that is not covered below, please share that with us as well. We'd appreciate it.

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FinCEN Beneficial Ownership Reporting Guidance

10/03/2023
News

May 2021 ABA Tax Section Meeting Nuggets

05/18/2021
News

The May 2021 meeting of the ABA Tax Section, traditionally held in a group live format in Washington, D.C. but presented virtually this year, is always good for a few announcements about topics of relevance. This year was no exception; here are two items of interest to flow-through tax professionals.

04/27/2021
News

While flow-through taxation still is generally the way to go for the closely held business, it is not uncommon for a partnership to incorporate with a view of engaging in an exit transaction after five years via a stock sale that qualifies for the 100% exclusion of gain provided by §1202. Here is a nuance of this Code that came up in our practice.

04/14/2021
News

A follow-up regarding PLR 202114002 (the favorable §1202 ruling involving an insurance agent/broker), courtesy of Eide Bailly.

04/13/2021
News

PLR 202114002 is a taxpayer-liberal PLR, which provides that a business referred to as an “insurance agent or broker” was a qualified trade or business for §1202 purposes.

03/30/2021
News

How is an S corporation’s accumulated adjustment account (“AAA”) impacted by forgiven PPP loan proceeds? The answer is not as easy as it first may seem.

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None of the authors is rendering legal, accounting or other professional advice. If such advice is required, it is strongly recommended that a professional advisor be engaged.