On July 4, 2025,, the One Big Beautiful Bill Act (OBBBA) became law. The Act itself was almost 1,000 pages. It made many of the provisions of the 2017 Tax Cuts and Jobs Act permanent and included new federal tax provisions....more
8/5/2025
/ Business Taxes ,
Estate Tax ,
Federal Budget ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
One Big Beautiful Bill Act ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Legislation ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Wealth Management
The Internal Revenue Service (IRS) released Notice 2020-75 on November 9, 2020, which validates the federal income tax deductibility of the payment of the Connecticut Pass-Through Entity Tax (the “PET”)....more
Under pre- 2018 rules, when a partnership (which for this Client Alert will include a limited liability company which is taxed as a partnership) was audited by the IRS, one of the partners acted as the “Tax Matters Partner”...more