On December 22, 2017, the President signed into law the "Tax Cuts and Jobs Act" commonly referred to as "Tax Reform."
The article discusses the trio of church plan cases decided by the U.S. Supreme Court regarding whether plans that were established and maintained by a religiously-affiliated hospital, but not a church, were permitted to use the exemption.
Two weeks after one of the largest data breaches in history was announced, Equifax has come under fire for its breach response.
Credit reporting agency Equifax announced that the personal information for over a 140 million U.S. consumers was potentially compromised.
The Internal Revenue Service ("IRS") issued Revenue Procedure 2017-13 ("Rev. Proc. 2017-13"), which provides updated safe harbors from private business use for management contracts. Rev. Proc. 2017-13 clarifies, modifies, amplifies, and supersedes certain provisions of Revenue Procedure 2016-44 ("Rev. Proc. 2016-44").
Generally, an S corporation election is chosen to reduce exposure for federal self-employment tax and state entity-level tax. However, the benefits of an S corporation election can be accompanied by some unanticipated drawbacks.