By Jerald David August Reprinted From The Winter 2018 Issue Of ALI-CLE’s The Practical Tax Lawyer Winter 2018 Edition On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (“TCJA”) of 2017, P.L. 115-97, which introduced a set of tax cuts and other reforms that will affect
By Jerald David August The CPA Journal January 2018 Edition IMPLICATIONS FOR PARTNERSHIPS, S CORPORATIONS, AND SOLE PROPRIETORSHIPS President Trump signed the Tax Cuts and Jobs Act (TCJA), H.R. 1, into law on December 22, 2017. The law was passed by Congress two days earlier, on December 20, 2017. In general,
By Jerald David August Journal of Passthrough Entities September – October 2017 Edition In McKelvey, the executor of the taxpayer’s estate petitioned for a redetermination of the $41.26M deficiency in income tax for 2008, processed by the IRS, attributable to his entering into various variable prepaid forward contracts (“VPFCs”) with respect to
By Jerald David August The CPA Journal October 2017 Edition Tax advisors of estates are generally aware that the executor or personal representative of the estate is personally liable for the payment of federal estate taxes not only with respect to the probate estate, but also for estate taxes attributable to
By Jerald David August Corporate Taxation September 2017 Edition Although new partnership audit rules have been enacted, the TEFRA entity-level audit rules, particularly the tax manger partner rules, continue to be relevant. Full Article
By Jerald David August Journal of Tax Practice & Procedure August – September 2016 Edition The Bipartisan Budget Act of 2015, which President Obama signed into law on November, 2015, repealed the complex and much-criticized TEFRA partnership entity-level audit (ELA) rules, including the electing large partnership rules. On December 18, 2015, Congress
