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 ...

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, ...

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 ...

To continue reading this content, please enable JavaScript in your browser settings and refresh this page. Selecting the right business entity structure is an ...

Without a well-designed pass-through entity tax, business owners face higher federal tax burdens than competitors in neighboring states, argues John Lewis of the Manufacturers Association of Maine.

After weeks of deliberation, revisions, and intense advocacy, the Senate and House have passed the final version of the One Big Beautiful Bill Act (OBBBA, H.R. 1), sending it to President Trump for ...

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 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, ...

Forbes contributors publish independent expert analyses and insights. I cover changes and new developments in the federal tax law. Oct 09, 2024, 08:00am EDT Oct 28, 2024, 09:15am EDT With the ...

The American Institute of CPAs is asking accountants to reach out to their congressional representatives and protest the proposed elimination of the ability of pass-through entities such as accounting ...

Selling something that has shot up in value — think appreciated stocks, bitcoin bought for pennies, a rental building, or a closely held business — can leave you staring at a hefty state and federal ...