Tax Warrior Chronicles

Trump on Trump – How His Tax Plan Benefits Him Personally

Posted on Fri, Jan 20, 2017

By: Peter Derby, CPA

 

Today, Republican outsider Donald J. Trump will become the 45th President of the United States.    We’ve heard him proclaim his ownership in companies worth “billions and billions of dollars.”  Assuming the Trump empire consists of both corporate and pass-through entities, Mr. Trump is in a position to help himself and his family financially via his proposed changes to U.S. tax law. Here is a high-level look at parts of his plan that may benefit wealthy Americans to the tune of “millions and millions of dollars.”

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6 Signs You Need to File a Tax Extension

Posted on Mon, Mar 23, 2015

For many tax advisors, April 15th is a day of celebration (case in point, our Happy video from last year).  For many of our readers, however, the thought of April 15th triggers stress, panic and anxiety.  Don’t let tax day stress you out! Uncle Sam has empathetically built in to the tax laws a way to extend your individual tax return until October 15th so you can get stressed out right before Halloween!  The ability to extend comes in handy when various circumstances arise.

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Active Members of an LLC are Subject to Self Employment Tax

Posted on Thu, Feb 26, 2015

Attention all limited partners and limited liability members: if you think that you can escape self-employment tax, the IRS may disagree.  A limited partner may be subject to the IRS’s expanded view of the self-employment tax obligation for limited partners under a recently issued Chief Counsel Advice (“CCA”) 201436049.

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CRS Looking at Tax on “Carried Interest” for Partnerships…Again

Posted on Tue, Mar 25, 2014

Can anyone recall a year when ‘tax reform’ has not been a hot issue in Washington? Well, this year is no different. While most tax commentary leans toward no significant new tax laws to be passed in 2014, the fund manager issue has both sides of the aisle talking…again. Now the Congressional Research Service (CRS) is looking closely at competing carried interest proposals.

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"Limited Partner" for Tax Purposes? What are the Stakes?

Posted on Mon, Mar 18, 2013

This Journal of Taxation column, edited by Sheldon I. Banoff and Richard M. Lipton, comments on the IRS's and courts' positions on characterizing members of limited liability entities as "limited partners" and "general partners," for purposes of potential self-employment tax avoidance under Section 1402(a)(13).  

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