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Partnership Basis Shifting

Partnership Basis Shifting

Treasury and IRS Announce New Attack and Establishment of “Passthrough Working Group” to Develop Further Partnership Guidance. On June 17, 2024, the announcement of the formation of a dedicated group in the Office of Chief Counsel specifically focused on developing...
Qualified Small Business Stock – Section 1202

Qualified Small Business Stock – Section 1202

The qualified small business stock (QSBS) gains exclusion under Section 1202 of the tax code allows capital gains from specific holdings to be exempt from federal tax. This has been an excellent opportunity for many years. Enacted in 1993, the Section 1202 exclusion...
Don’t Let Travel Deductions Trip You Up

Don’t Let Travel Deductions Trip You Up

by Liz McGrath, Tax Director at Schulman Lobel LLP, New York, NY Did you know that employers may deduct employees’ travel expenses, including amounts for meals and lodging, if both the employer and the employee carefully follow the tax rules? Conversely, if the rules...