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1st Quarter, 2017
Business Advisor
In this issue...
Tax Policy Decisions Ahead
Impact of the 2016 elections
In August of this year, when he delivered his first economic address as the GOP presidential nominee, Trump told the Detroit Economic Club that the current US tax laws “punish companies for making products in America” and promised that his administration would promote tax policies—centered on lower rates and simplification—that he characterized as “geared towards keeping jobs and wealth inside the United States.” Read more »

Did You Say a Taxable Partnership?
As partnerships have grown in number, size, and complexity, the IRS has found it increasingly difficult to audit them and to collect any resulting income tax deficiencies, especially in the cases of large partnerships and tiered partnerships. In response to these difficulties, Congress recently enacted the Bipartisan Budget Act of 2015 (“BBA”), adding a number of new tax compliance provisions to the Code. A key feature of the BBA is that it imposes liability for any audit adjustments with respect to an earlier partnership tax year on the partnership, rather than on those persons who were partners during the audited tax year. Read more »

Did You Know?

Standardized Time Keeping Was Brought About by the Advent of What?
  • Radio Broadcasts
  • Postal Service
  • Assembly Lines
  • Railroads


 
 






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