Tax,
Law Practice,
Government,
Corporate,
Administrative/Regulatory
Dec. 14, 2017
Pass-through provisions could have interesting tax implications
Both the House and Senate version of the Tax Cuts and Jobs Act include provisions that reduce the taxation of pass-through income.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
Most businesses in this country are organized as pass-through entities, which means owners pay taxes on income derived from their businesses on personal income tax returns. Both the House and Senate version of the Tax Cuts and Jobs Act include provisions that reduce the taxation of pass-through income. For the first time, wage earner or W-2 taxpayers could pay a higher rate of tax than those who earn their income through pass-through entities -- including, partnership...
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