Tax Reform Package Introduced

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President Trump and Republican leaders in Congress unveiled a long-promised framework for tax reform on September 27, 2017. The centerpiece of Mr. Trump’s campaign, the nine-page “unified framework” for tax reform broadly describes tax proposals ranging from lower rates for individuals and businesses to repeal of certain tax preferences. As was expected, the framework took […]

Income Tax Law (NOT a Divorce Decree), Determines Dependency Exemption

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A common element of every marital dissolution, where the divorcing parties have minor children, is the financial consideration and accountability of federal income tax savings associated with the dependency deductions under the law. Creativity within divorce settlements can provide for any number of ways in which this issue is addressed. However, as one recent Tax […]

Payments to Corporate Officer Subject to Employment Taxes

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We have posted a number of articles addressing the income and employment tax issue of “reasonable compensation.” However, the focus of many of these posts has been excessive compensation paid by regular corporations. The position of the Internal Revenue Services in these cases has been that the “excess” compensation was really a disguised dividend, which […]