As we all navigate through this new territory, there are certain issues that every business owner and operator may want to consider with respect to its ongoing operations. This article provides a high-level overview of some key issues we are currently addressing with our clients. Force Majeure Clauses Whether a […]
The Closer – M&A, Securities & Corporate Counsel
New Audit Rules May Require Action by Partnerships and Multi Member Limited Liability Companies
on Tuesday, 19 February 2019 in
The Closer - M&A, Securities & Corporate Counsel: Kevin P. Tracy, Editor
Last year, new partnership audit rules enacted by Congress went into effect. Starting with tax returns for the 2018 calendar year, partnerships and limited liability companies (“LLCs”) taxed as partnerships will need to provide specific information regarding these new rules on IRS Form 1065. In addition, these new rules are […]
New Partnership Audit Procedures — What Do They Mean for My Partnership or LLC?
on Tuesday, 19 February 2019 in
The Closer - M&A, Securities & Corporate Counsel: Kevin P. Tracy, Editor
Part 1 (Originally Published on April 11, 2017) Congress enacted new partnership audit rules as part of the Bipartisan Budget Act of 2015 (the “Act”). As outlined further below, these new audit rules make it easier for the IRS to audit and assess tax on entities taxed as partnerships, including […]
U.S. Supreme Court overturns physical presence rule, opens the door for states to require online retailers to collect sales tax
on Thursday, 12 July 2018 in
The Closer - M&A, Securities & Corporate Counsel: Kevin P. Tracy, Editor
On June 21, 2018, the U.S. Supreme Court handed down its decision in South Dakota v. Wayfair,1 with significant tax consequences for the future of e-commerce. The Court overturned the “physical presence rule” required by a previous case, holding that a physical presence in a taxing state is no longer […]
Impact of the Tax Cuts and Jobs Act on Like Kind Exchanges (IRC 1031)
on Wednesday, 27 June 2018 in
The Closer - M&A, Securities & Corporate Counsel: Kevin P. Tracy, Editor
The Tax Cuts and Jobs Act (“TCJA”) retained the ability for taxpayers to defer gains on the sale of appreciated real estate through the use of “like-kind” exchanges under IRC section 1031. The TCJA eliminated, however, the availability of like-kind exchanges of personal property. The Bad Starting Jan 1, 2018, […]
