The most prominent tax characteristic of a partnership or LLC is that these entities are flow-through entities for tax purposes. Consequently, the entities do not pay taxes themselves. Rather, they report...
Hotel and hospitality acquisitions generally include additional operational concerns such as employee transitions, food and beverage operations, inventory, and guest baggage turnover, as well as franchise...
When drafting and negotiating an acquisition agreement, counsel should address potential issues arising from allegations of fraud to avoid potentially complex, time-consuming, and costly disputes after...
Understand the prescription drug discount program established under Public Health Service Act Section 340B. Read now » Related Content Life Sciences Post-Closing Price Reporting Covenant...
Do you need to understand how states are trying to protect employees from algorithmic and artificial intelligence (AI) discrimination? Read our newly published article, States Passing Laws to Prevent AI...
Closely following the IRS’s announcement of 2024 inflation-adjusted limits for retirement plans (Notice 2023-75), the IRS also has announced its 2024 inflation-adjusted limits for health FSAs, qualified transportation fringes, income tax rates, and other indexed amounts under the IRC. Review the new limits here, as well as the updated qualified transportation fringe exclusion for pre-tax employee savings or nontaxable employer payments toward qualifying employee transportation costs. The revenue procedure also announces indexed limits for 2024 individual income tax rates, the standard deduction, the long-term capital gains rate, and other amounts.
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DID YOU KNOW? In its e-news for tax professionals, IRS says: “If your clients approach you for advice about participating in an abusive tax scheme, use the information outlined in the revised Publication 3995, Recognizing Illegal Tax Avoidance Schemes, to help them recognize and avoid fraudulent acts. Publication 3995 explains common tax avoidance schemes and provides instructions for reporting abusive tax schemes to the IRS Lead Development Center.”
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