The owners of pass-through entities: partnerships (including limited liability companies—LLCs—taxed as partnerships) and S corporations, must pay tax on their share of the entities’ profits, irrespective of whether the pass-through entity distributes any of those profits to the owners. This disconnect creates the possibility of “phantom income”—taxable income without a…
Category: CS Blog
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Act”). The Act makes significant changes to federal tax law. As a result of these changes, your estate plan should be examined to determine whether your estate plan remains consistent with your dispositive intent…
The passage of the new tax bill was highly publicized. This post focuses on ten potentially overlooked aspects of the new tax bill that may impact an individual’s 2018 income tax return. Remember, these new laws do not affect the 2017 individual income tax return. All miscellaneous itemized deductions subject…
Some people assume that if they are unable to make decisions or if a decision relates to “end of life,” that those closest to them, most often immediate family members, automatically make these decisions on their behalf. Others are aware that to carry out their directives that they need to…
On December 20, 2017, the Senate and House of Representatives passed the same tax bill, which opened the door for President Trump to deliver significant changes to the United States tax code. The Senate passed the tax bill by a vote of 51-48. The House of Representatives passed the tax…
