The Challenges Of Tax Planning In The Current Age Of Uncertainty

It is said the future is not yet written. But the Biden Administration has a draft ready for Congress. Our Federal Tax Group gazes into the Made in America tax plan to find the many questions that await within.

The uncertainty of retroactive or prospective effective dates
Deferring income recognition and accelerating deductions may not be the best plan
Prepare to reexamine traditional tax planning strategies

In April, President Biden introduced the American Jobs Plan, […]

By | Oct 21, 2021 ||

Oregon Adopts Tax Deduction Workaround For Oregon Income Taxes Attributable To Partnership And S Corporation Income

Under recently enacted Oregon legislation, certain partnerships and S corporations may elect to pay an “alternative business income tax” at the entity level. Or Laws 2021, ch 589 (SB 727). If they do so, these entities may provide an opportunity for their individual partners and shareholders to effectively deduct, on their federal income returns, Oregon income taxes attributable to partnership and S corporation income, notwithstanding the $10,000 federal individual income tax limit on the […]

By | Oct 19, 2021 ||

No Secrets Are Safe In An Era Of Global Tax Information Exchange

Many taxpayers are familiar with information document requests where taxpayers are notified that taxing authorities are inquiring into certain transactions based on their receipt of the request. But today, many types of foreign tax information exchanges occur without the taxpayer’s knowledge. Moreover, tax administrations around the world are expanding tax information exchange programs. For example, on May 19, 2021, the European Union (“EU”) approved a measure to spend an additional € 270 million to […]

By | Oct 17, 2021 ||