September, 2018
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The Hidden Risks and Costs of Remaining an S Corporation
Beyond the mathematical differences in personal tax rates, corporate tax rates, and the Section 199A deduction, there are less obvious factors that corporations should consider when deciding whether to revoke their S elections.
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Section 199A Deduction is Complicated for Shareholders Owning Other Businesses
Though it may sound simple on the surface, the Section 199A deduction is one of the Tax Cuts and Jobs Act’s most complicated provisions. This is particularly true when shareholders are involved in multiple business entities.
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FinCEN Makes Permanent Beneficial Ownership Limited Exception
On September 7, 2018, the Financial Crimes Enforcement Network (FinCEN) made permanent the limited exception to the Beneficial Ownership Rule for certain products and services that were established prior to May 11, 2018.
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House Ways and Means Committee Releases Tax Reform 2.0 Bills
On Monday, the House Republicans released three separate bills marketed as Tax Reform 2.0 ahead of the mid-term elections in November. Provisions include making permanent many of the individual tax law changes included in last December’s tax bill including the Section 199A deduction.