Adam Sweet, J.D., LL.M.

Proposed legislation could impact the current Opportunity Zone program, including extending the deferral period for qualified gains and providing a full 15 percent step-up for investments made by the end of 2022.

The findings of Clark Raymond and Company PLLC v. Comm’r have noteworthy implications for how partnerships track and maintain partner capital accounts.

The Section 45Q Credit incentivizes investment in carbon capture and usage and storage/sequestration projects. Here’s what you need to know about the section 45Q credit and how you can use it.

The Washington State Capital Gains Tax was recently overturned. The issue now goes to the state supreme court.

If you received advance Child Tax Credit or Economic Impact payments from the government in 2021, watch for letters from the IRS; you’ll need them to prepare your 2021 income tax returns.

Partnerships should consult with their tax advisors to determine if payments from net income are more beneficial to the partners than guaranteed payments. Additionally, tax advisors should be consulted to consider any state and local tax ramifications …

Taxpayers may be surprised to learn that the appreciated stock they hold could, upon sale, be eligible for a full gain exclusion. This means that no federal income tax is owed after the stock is sold. Generally, this qualified full small business stock …

The Tax Cuts and Jobs Act of 2017 (“TCJA”) introduced a general $10,000 limit on the amount of state and local taxes (“SALT”) a taxpayer can deduct for federal income tax purposes. Here's what you need to know about how to work with the SALT deduction …

The Paycheck Protection Program is wrapping up for many borrowers, but there are several important updates that borrowers should take note of.

Several important updates to the Paycheck Protection Program (PPP) have been released, including new loan calculation information for sole proprietors, as well as additional information concerning the government’s review of certain PPP loans.

On March 1, the IRS released Notice 2021-20 providing guidance on the employee retention credit (ERC). While a significant portion of the Notice formalizes previously released frequently asked questions, the Notice also provides new guidance on several …

Here the details about the updated Paycheck Protection Program (PPP) and how it affects first-time and second-time borrowers, as well as those who received a loan in the first round.

The second draw PPP loans are here. Here’s what you’ll need to consider for compliance and loan forgiveness.

Once signed into law, new Paycheck Protection Program legislation will create substantial changes for both existing and new PPP borrowers. We break down the details.

Recently released IRS Notice 2020-75 allows certain pass-through businesses to deduct income taxes at the entity level. Read on to learn more.

Additional scrutiny of PPP Loans is concerning for borrowers who secured PPP funding of $2 million or more. Form 3509 isn’t official yet, but here’s what we know.

PPP loan forgiveness is far from simple, but a trusted advisor can help you better understand the process and maximize your forgiveness.

The government has released several important updates to the Paycheck Protection Program (PPP) that are generally good news for borrowers.

The government has released several updates to its Paycheck Protection Program (PPP) loan forgiveness guidance over the last few weeks. Here’s how you may be affected.

New proposed regulations introduce rules for carried interest holders. Careful planning is needed to avoid some harsh effects of these rules.

Borrowers may begin the forgiveness process as soon as they have paid and/or incurred enough eligible expenditures, but there are still a few things they’ll need to account for.

Economic Injury Disaster Loan assistance hasn’t gained the same level of attention as the Paycheck Protection Program in COVID-19 relief, but it does have some attractive traits for certain organizations.

On June 17, 2020 the government released an updated Paycheck Protection Program (PPP) loan forgiveness application form along with a new simplified application form for certain borrowers.

The Opportunity Zone program is the latest government program to receive some relief in the form of extended deadlines and the relaxation of certain rules. See what’s changed.

The Paycheck Protection Program Flexibility Act of 2020 was enacted on June 6, 2020 and it makes material amendments to the Paycheck Protection Program.

The Tax Cuts and Jobs Act, enacted at the end of 2017, still is of great importance to many organizations, including dealerships. Tax reform continues to impact tax planning and strategy for dealerships across the country.

Many Paycheck Protection Program (PPP) loan borrowers are more than halfway through their eight-week forgiveness period (the “covered period,” beginning on the date of loan disbursement) yet there are still many unanswered questions concerning how a PPP …

Guidelines for the Paycheck Protection Program have been muddy, to say the least. A new update offers some clarity and a new safe harbor for loans under $2 million.

The IRS has recently announced that the qualified expenditures resulting in PPP loan forgiveness are not tax deductible. This is a surprising development reducing the tax benefits associated with PPP loan forgiveness.

Here’s a breakdown of the funding in the new relief package and what businesses need to know.

As loans are funded under the Paycheck Protection Program, many organizations are making plans to move forward. However, there are still important planning considerations all borrowers should focus on. These additional items will help you maximize the …

The Small Business Administration (SBA) has launched a large loan and relief effort in light of COVID-19. The following highlights some of the benefits available to small businesses.

The Opportunity Zone tax incentives program was created by Congress with bi-partisan support to encourage investments in economically-distressed communities. These “opportunity zones” were designated by each state and certified by the U.S. Treasury …

Profits interest can be a great way for partnerships to grant equity without triggering any immediate tax consequences.

There are many questions surrounding Opportunity Zone tax incentives, and newly published proposed regulations are providing additional clarity.

A new example from the IRS seems to imply surgical center income could be qualified business income and eligible for the section 199A deduction. However, it’s not that simple.

Final regulations for the new section 199A 20 percent deduction for qualified business income (QBI) are finally here. But how do they compare with what was proposed? We break it down.

In this Insight, we will outline the key provisions of the proposed Section 199A regulations and highlight considerations and concerns.

Tax reform has taken center stage over the last few months as taxpayers absorb the tax law changes made in the Tax Cuts and Jobs Act (the Act). The Act’s headliner change is the flat 21 percent tax rate for ordinary corporations.

The long expected corporate tax rate reduction was enacted into law as part of the 2017 Tax Cuts and Jobs Act, taking the rate paid by C corporations down to 21 percent. Yet this rate reduction only affects businesses classified as C corporations for tax …

With Secretary Yellen confirmed, can the new administration move tax legislation forward, perhaps using the "reconciliation" process in the Senate? And just what is reconciliation?

Over the last couple of years, client have wondered whether the “partnership” form is still the preferred choice of entity for tax purposes. A partnership, in the tax world, means any state law entity (like an LLC) classified as a partnership for tax …

Control of the Senate is up for grabs- what does this mean for tax policy? Final interest deduction regulations not so "final" for passthrough businesses. States as tax havens? And year end tax planning after the year's end.

President indicates he may not sign relief bill, unless stimulus payments are increased. Pocket Veto? New revenue recognition rules. And how quickly will taxpayers see their stimulus checks.