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Category: Taxation

Congress Tweaks Partnership Audit Rules

The Consolidated Appropriations Act, 2018 (“Act”), was signed into law on March 23rd.  The Act contains a number of changes to the partnership audit rules that went into effect for partnerships (including LLCs taxed as...

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NOL Deduction Modified by New Tax Rules

A “net operating loss” (“NOL”) arises when the amount of a taxpayer’s business deductions for the current tax year exceed its gross income for the current tax.  Prior to the enactment of the 2017 Tax Cuts and Jobs Act (generally...

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2018 Annual Gift Tax Exclusion

Under the new tax law enacted effective January 1, 2018, Congress doubled the gift, estate and generation-skipping transfer (GST) exemptions. Based on inflation adjustment information available at that time, those amounts were...

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Tax Blog is published by Dickinson Wright PLLC to inform the public of important developments within the firm and practice areas. The content is informational only and does not constitute legal or professional advice. We encourage you to consult a Dickinson Wright attorney if you have specific questions or concerns relating to any of the topics covered in this blog.

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