Academics, tax practitioners, and members of both political parties in the US have criticized the so-called carried-interest loophole for many years.1 Although a recent proposal to close the loophole estimated the US Treasury would only collect an additional $17 billion in revenue over ten years,2 the loophole continues to receive criticism due to its political…
Author: Gregg Coughlin
TCJA’s Impact on S-Corps and LLCs
In 2017, approximately 81% of all businesses in the US were organized as pass-through entities, with S-corporations (“S-corps”) and Limited Liability Companies (“LLCs”) comprising approximately 68% of all businesses. 1 The passage of the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, presented many changes for pass-through entities to consider when determining the most…