Tax Law News and Insights

Since the beginning of tax time, the key distinction between a partnership and a corporation has been its ability to "pass-through" U.S. federal income tax1 liability to its partners. Pass-through taxation is a notoriously difficult concept to implement. The complications of partnership tax multiply when the Internal Revenue Service (IRS) later...

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There is increasing uncertainty about the future of U.S. estate tax. On the one hand, under U.S. legislation that temporarily halved the lifetime exemption amount passed during the Trump administration, the lifetime exclusion amount is set to decrease on January 1, 2026, to $5M (USD) adjusted for inflation since 2011,...

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On February 21, the IRS announced a new campaign to increase audits of private jet usage by high-income taxpayers, large corporations, and large partnerships to ensure that business deductions for such usage have been properly made. The announcement is consistent with an ongoing IRS publicity campaign urging increased scrutiny of...

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