Viswanathan: The Qualified Small Business Stock Exclusion — How Startup Shareholders Get $10 Million (Or More) Tax-Free, Virginia Tax Review (2020).

Manoj Viswanathan, UC-Hastings, has made available for download his article, The Qualified Small Business Stock Exclusion: How Startup Shareholders Get $10 Million (Or More) Tax-Free, 119 Colum. L. Rev. F. ___ (2019). The Abstract is as follows: The IPO parade of 2019 is making the early shareholders of technology startups such as Uber, Lyft, Slack, … Continue reading Viswanathan: The Qualified Small Business Stock Exclusion — How Startup Shareholders Get $10 Million (Or More) Tax-Free, Virginia Tax Review (2020).

IRS releases draft 2019 Forms 1065, 1120-S, and Schedules K-1 (September 30, 2019)

The IRS issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income (PDF), and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc (PDF). The changes to the form and schedule aim to improve the quality of the information reported by partnerships both to the IRS and the partners of such entities. For … Continue reading IRS releases draft 2019 Forms 1065, 1120-S, and Schedules K-1 (September 30, 2019)

Resolving Tax Debts is Easy: It’s All About the Process

By Eric L. Green, Esq. Taxpayers often become frustrated and scared when dealing with the IRS on a back tax debt.In reality, however, resolving a tax debt is reasonably straightforward and can save taxpayers from unnecessary distress. A statutory lien is normally issued after tax returns are filed and payments must be arranged by the … Continue reading Resolving Tax Debts is Easy: It’s All About the Process

Baptiste, Impact of S corp shareholder agreements in M&A transactions (AICPA)

Baptiste describes recent activity in the merger-and-acquisition market for private companies and how transactions in the market have been structured as sales of stocks. Reportedly, sellers prefer this format because "they receive capital gain treatment on the entire transaction" while buyers "have been reluctant to purchase stock, as they do not receive a basis step-upon the … Continue reading Baptiste, Impact of S corp shareholder agreements in M&A transactions (AICPA)

Schreiber, IRS permits certain partnerships to file superseding partnership returns

Schreiber describes how the IRS is allowing certain partnerships the opportunity to file superseding 2018 tax returns in order to correct errors the partnerships could have made on their previously-filed returns. According to Schreiber, "The relief applies to partnerships that had timely filed their Forms 1065, U.S. Return of Partnership Income, and Schedules K-1 (Form … Continue reading Schreiber, IRS permits certain partnerships to file superseding partnership returns

Is A C Corporation Preferred After Tax Reform?

By Annette Nellen, CPA, Esq. So, is a C corporation preferred after the TCJA? The best answer: “it depends.” Many tax rules and non-tax considerations are important for choice-of-entity decisions. As shown in the following examples, the QBI deduction is a significant benefit to non-corporate businesses to complement the 21% flat rate for C corporations. … Continue reading Is A C Corporation Preferred After Tax Reform?

Gianni, Partnership Audit Rules: After the Final Regulations

Assistant Professor Monica Gianni, California State University Northridge, has made available for download her article, Partnership Audit Rules: After the Final Regulations, published in the Journal of Taxation of Financial Products. The Abstract is as follows: As part of the Bipartisan Budget Act of 2015 (BBA), Congress repealed the TEFRA audit rules and the audit … Continue reading Gianni, Partnership Audit Rules: After the Final Regulations