Welcome to the first Hoffman & Associates quarterly Business Insights newsletter. I invite you to review information on the Tax Cuts and Jobs Act along with several IRS documents containing valuable information that could impact you, your business and your estate. I look forward to communicating with you on a more regular basis and in if you have any questions or concerns regarding this newsletter or any other business related legal or tax matter, please contact me at 404-255-7400 or joe@hoffmanestatelaw.com.
The Tax Cuts and Jobs Act (TCJA), passed by Congress and signed into law by President Trump, is the most significant tax legislation enacted in over 30 years. This new tax bill, which went into effect on January 1, 2018, promises to cut taxes for individuals and businesses, stimulate the economy and create necessary jobs for America. Read More
IRS Information Letter 2017-0015
IRS Information Letter 2017-0015 below provides a requesting taxpayer guidance on the proper amount of income includible in the taxapyer’s income from a life insurance split dollar arrangement entered into with his/her employer. This is a good reminder to review your split dollar arrangements periodically to make sure they are functioning and taxed as intended by the parties to the contract. Read More
IRS Fact Sheet 2017-9
IRS Fact Sheet 2017-9 provides a good reminder to employers that they must be careful in identifying workers as employees and independent contractors. If employees are misclassified as independent contractors, the employer may be responsible for payroll taxes. The FSA provides a list of factors used to discern whether a worker is an employee versus an independent contractor. Read More
IRS Tax Court Memo 2017-62
In Castigliola v. Commissioner, a law firm claimed that the member managers of their professional limited liability company (LLC) were “limited partners” under IRC Section 1403 and not subject to self-employment taxes on distributable shares of income over and above guaranteed payments paid to them as compensation. The Tax Court found that the attorneys' management power over the entity was not limited and therefore they could not be considered as limited partners under IRC Section 1403. Read More
Joe Nagel | Hoffman & Associates | 404-255-7400 | www.hoffmanestatelaw.com
