New Regulations for the Partnership Tax Audit Rules Set to Finalize on September 18, 2017  As previously outlined in a blog post on Larry’s Tax Law, the new partnership tax audit rules, which will apply to tax returns of partnerships for tax years beginning in 2018, provide that any tax adjustments resulting from IRS audits of partnerships generally will be determined and collected at thepartnership level, even though partnerships are not subject to income taxes…

Family businesses account for 64 percent of the United States’ annual GDP and account for billions of dollars of revenue in the Puget Sound region. They are often major drivers of regional economic activity, charity, community building and politics. As an adviser to family businesses for more than 20 years, I helped moderate a panel at the event with several of the region’s top family business leaders: Steven Goldfarb, President, Alvin Goldfarb Jeweler OB Jacobi, President,…

Constructive, dynamic and practical, the Summit will kick off with one of the most knowledgeable and connected Washington, D.C. power brokers, Michael Boland from Dome Advisors LLC, who will speak on what the various election outcomes mean for the business economy, then segue into thought-provoking presentations from family and closely held business advisors from law, accounting, private equity and insurance who will discuss hot topics. In addition, a roundtable panel with regional CEOs will offer…

Closely Held Family Entities in Grave Danger: Minority Interest and Lack of Marketability Discounts About to Disappear? While it will take some time to fully digest and analyze the proposed regulations, the crux of the matter is that the Treasury department has issued proposed regulations which appear to eliminate almost all minority/lack of control discounts for closely held interests, certainly including family entities. Such discounts are, to the mind of many practitioners, appropriate because they…

The first keynote was Mark Green, an internationally recognized family business consultant, speaker, author, educator and researcher, and the Co-Founder of the Pacific Family Business Institute. Mark noted that, for really the first time in history, there’s the potential to have up to six different generations working in the same family business – from the Greatest Generation up to Gen Z. The gulf across those generations is wider than it ever has been – from…

This post was originally published on GSB’s website as a GSB client update on April 22, 2019. On April 17, the Washington Legislature approved sweeping new restrictions on employers’ non-competition agreements with their employees and independent contractors. The bill, now headed to the Governor’s desk for his expected signature, means that after January 1, 2020, non-competition agreements (see definition and limitations below) will only be enforceable against higher-paid employees and contractors, and generally can last…