Tax Law News and Insights

What Non-Tax Lawyers Should Know About LLC Tax

Published: Feb 21, 2024
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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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US Tax Court: Limited Partners May Be Subject To Self-Employment Tax

Published: Feb 19, 2024
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On November 28, 2023, in Soroban Capital Partners LP v. Commissioner, the US Tax Court denied the taxpayer's motion for summary judgment, holding that whether a limited partner in a state law limited partnership qualifies for the "limited partner" exception from self-employment tax under Internal Revenue Code (IRC) Section 1402(a)(13) depends...

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Employee Retention Credits (ERCs) Voluntary Disclosure Program

Published: Feb 17, 2024
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The Internal Revenue Service on December 21, 2023 launched a new Voluntary Disclosure Program that allows employers who received questionable Employee Retention Credits (ERCs) to repay them at a discounted rate. Employers must apply by March 22, 2024. Employers accepted into the program will only be required to repay 80%...

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