The Tax Cuts and Jobs Act of 2017 made expansive changes to our federal tax laws. The key tax benefit for businesses owned by individuals is the Qualified Business Income (QBI) Deduction, also known as the Pass-Through Business (PTB) Income Deduction. Taxpayers that have business interests in sole proprietorships, partnerships, LLCs, S-corporations, rental real estate, … Continued

This past Friday, President Trump signed into law the most expansive changes to our federal tax laws in over 30 years. The centerpieces of this new legislation are aimed at making American business & industry more competitive in the global marketplace. The key pro-business provision that applies to individuals is the so-called pass-through business income … Continued

PASS-THROUGH BUSINESS INCOME TAX BENEFITS UNEXPECTEDLY GRANTED TO ESTATES AND TRUSTS! A highlight of Congressional tax reform plans included tax benefits for pass-through entities, including partnerships, limited liability companies and S-corporations (see our website blog post of December 4, 2017 about the pass-through entity provisions). The House and Senate versions differed significantly in approach. The … Continued

It looks like the Tax Reform Conference Committee is getting close to reconciling the House and Senate- passed versions of the most massive change to our federal tax laws since 1986. Sources indicate that the final version of the combined bill could be released tomorrow afternoon, Friday, December 14th and that it could be voted … Continued

Here at Skorheim & Associates we serve numerous lawyers and law firms, and so we have been monitoring the current Tax Reform proposals for changes that will affect the legal community. While lawyers and law firms will of course be impacted by the general tax law changes included in the competing House and Senate tax … Continued

Now that both chambers of Congress have passed their versions of Tax Reform, a conference committee will endeavor to reconcile the differences between the two bills. One of the areas of divergence in the House and Senate plans relates to tax relief for so-called “pass-through entities.” These provisions apply to business income of individuals from … Continued

Early this morning the Senate accomplished a major step towards this goal by passing its version of Tax Reform. The House passed its Tax Reform plan right before the Thanksgiving Holiday. Now, Congress goes to work reconciling the differences between the two plans. President Trump has asked that Congress deliver a consensus piece of legislation … Continued

Many closely held businesses are set up as S-Corporations to avoid the double taxation of regular “C” corporations. Estate planners have long utilized Electing Small Business Trusts (ESBTs) to allow parents to pass their S-Corporation stock in such businesses to their children and grandchildren. The ESBT is especially attractive for this purpose because it allows … Continued

The recent congressional proceedings relating to Tax Reform efforts have resulted in a focus on the proposed repeal of itemized deductions for state and local taxes (SALT). Specifically, the House plan repeals the SALT deduction but allows a deduction for up to $10,000 of property taxes. The Senate version includes a full repeal of the … Continued

After 3 Years as an Attorney with Well-Respected Family Law Firm Minyard Morris, Jon Returns to Forensic Accounting Career! We are proud to announce that Jonathan Skorheim has returned to Skorheim & Associates to resume his career as a Forensic Accountant. He will also serve as General Counsel for the firm. Jon previously worked for … Continued