Tax Law News and Insights

More than $120 billion of our nation's income flows through trusts, and the Supreme Court will hear a case that may clarify how much states are able to tax. The Supreme Court will review whether the Due Process Clause in the 14th Amendment, "[n]o state shall...deprive any person of life, liberty,...

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The IRS has released final regulations and additional guidance on the QBI deduction just before the first tax season where taxpayers can claim the deduction. The new guidance provides some clarity on who qualifies for the QBI deduction and how to calculate the deduction amount. QBI deduction in action The...

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The Internal Revenue Service (IRS) released final regulations on January 18, including new guidance under Section 199A for the 20% deduction for qualified business income (QBI).  The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts or estates...

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