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 ...

Editor’s Note: The CARES Act modified the rules for calculating the business interest deduction in 2019 and 2020. For 2020, the 30 percent limit increased to 50 percent (the 30 percent limit continued ...

The ambitious legislative proposal, known as the 'One Big, Beautiful Bill,' is currently under scrutiny in the U.S. Congress. Spearheaded by President Trump, this bill promises to bring about ...

"Eliminating the SALT deduction for professional service pass-through businesses would also result in a major tax increase on many of those small businesses," said William R. Bay President, American ...

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, ...

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 ...

If you’re exploring different ways to structure your business, you may have come across something called a flow-through or pass-through entity. A flow-through entity is a business in which income is ...

any states, in order to collect revenue without having to pursue nonresidents for it, have begun requiring flow-through entities (for example, S corporations, partnerships and limited liability ...

As the House Republicans pass President Donald Trump’s sweeping tax bill, businesses may face drastic changes if approved by the Senate. The House GOP’s ‘One Big Beautiful Bill Act’ would raise the ...