Tax Law News and Insights

It is critical that individuals who are forming New Hamp­shire LLCs, whether these are single-member or multi­member LLCs, be aware of the federal and New Hampshire tax issues relevant to their LLCs, and that they ensure that these issues are correctly addressed in their certificates of formation and operating agreements....

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In Soroban Capital Partners LP v. Commissioner,1 the Tax Court addressed the scope of the so-called “limited partner exception” from U.S. federal self-employment tax (“SECA”). Background The tax base on which SECA applies excludes “the distributive share of any item of income or loss of a limited partner, as such.” The statute...

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State tax coffers in California keep climbing. The California Department of Tax and Fee Administration (CDTFA) has reported cannabis tax revenue for the third quarter of 2023. As of November 16, 2023, total cannabis tax revenue from third-quarter returns is $269.3 million. This includes California's cannabis excise tax, which generated...

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