On 10/22/24, the IRS announced that is has officially commenced operations of the newly established pass-through field operations unit within its Large Business and International (LB&I) division, ...

SALT deduction cap temporarily raised from $10,000 to $40,000. PTETs allow businesses to bypass federal deduction limits. OBBBA permanently instates the 20% qualified business income deduction. Tax ...

Editor’s Note: The CARES Act modified the rules for calculating the business interest deduction in 2019 and 2020. For 2020, the 30 percent limit increased to 50 percent (the 30 percent limit continued ...

What Congresses gives with one hand, it often takes away with the other and that is the case with the “Big, Beautiful Bill” when it comes to advisors who use a pass-through entity model. On the plus ...

Recently, The Baltimore Sun published a commentary from two Maryland tax practitioners critical of the Office of the Comptroller’s handling of Maryland Electing Pass-Through Entity (PTE) tax filings ( ...

New York Gov. Kathy Hochul (D) wants to extend the deadline for taxpayers to take advantage of the state’s pass-through entity tax as part of her $260 billion budget plan.

The Senate made adjustments in the text of the massive One Big Beautiful Bill to preserve the state and local tax deduction for pass-through entities such as accounting firms and law firms, ...

Financial advisors and their business clients can breathe a sigh of relief after new taxes on pass-through entities were rejected in the Senate’s version of the “One Big Beautiful Bill,” which passed ...

The Pass Through Entity Tax for California business owners might save you enough money to fund a shopping spree in Beverly Hills. The Pass-Through Entity Tax (PTET) may be the only time your tax ...

If you’re exploring different ways to structure your business, you may have come across something called a flow-through or pass-through entity. A flow-through entity is a business in which income is ...

There’s a hidden tax horror behind pass-through entities, cancellation of debt, and even prizes, winning, and awards: “phantom income.” It even sounds scary, right? And when it comes to one’s tax ...