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Tax Law Roundup current law developments in U.S. taxation

Category Archives: Tax

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New Basis Reporting Requirements for Executors and Beneficiaries

Posted in Estate and Gift, Tax, trusts and estates

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death.  New reporting requirements will apply to estates required to file a federal estate tax return after July 31, 2015 and are effective beginning June 30, 2016. Executors and beneficiaries who do… Continue Reading

IRS Addresses Interaction of Performance Compensation and $1M Compensation Deduction Cap

Posted in Compensation, Tax

The IRS recently issued final regulations under Section 162(m), which limits a public company’s deduction of executive compensation in excess of $1M.  The Section 162(m) limits do not apply to performance-based compensation that meets certain qualifications.  These final regulations released on March 30 solve two important riddles for practitioners: Per-Employee Limitations – To avoid the… Continue Reading

I’ll Know it When I See It: Debt vs. Equity in a Partnership

Posted in Debt vs. Equity, Finance, Tax

Of the many financial decisions a business faces in its life cycle, one of the most frequent (and certainly most important) is how best to fuel continued growth: should the business issue new debt or new equity? Debt and equity instruments can yield very different outcomes from a tax planning perspective, and so advisors consider… Continue Reading