Background
Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or her state and local taxes (“SALT”) on the federal individual income tax return. Of course, for high-income
Larry's Tax Law
Larry's Tax Law, published by Foster Garvey PC, focuses on detailed analysis and commentary on federal tax law, with particular emphasis on Subchapter S corporations and their complex tax provisions. The blog covers legislative developments such as the One Big Beautiful Bill Act and its impact on business tax deductions, including bonus depreciation and automobile loan interest deductibility. It also provides insights into tax planning strategies, regulatory changes, and notable tax cases and rulings. The content is aimed at tax practitioners and professionals seeking to navigate nuanced tax regulations and optimize tax outcomes for clients.
Latest from Larry's Tax Law - Page 4
Taxes in Washington State May Be Rising
By Larry Brant
Many individuals, wanting to liberate their wallets from taxes, have moved to states like Washington, Nevada, Texas, Florida and other states that have friendly state and local tax regimes. This trend, especially for residents of high-tax states such as New…
Hobby Loss Rules Revisited
By Larry Brant
With the Corporate Transparency Act hopefully in our rearview mirrors, I decided to take a brief break from my ongoing series on Subchapter S and report on a different topic. In the last few weeks, the Magistrate Division of the…
A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part XVI – Changes in Ownership During the Taxable Year
By Larry Brant
Now that the scurrying around and worrying relative to developments impacting the Corporate Transparency Act (“CTA”) that were coming at us with laser speed are on a slow simmer, I can turn my attention back to my multi-part series on…
March Madness Is Usually All About College Basketball, But It Turns Out That the Corporate Transparency Act Is Taking Center Stage This Month
By Larry Brant
It was about 5:30 p.m. PT last Friday, March 21, 2025, and I was about to sign off from my computer after a long week and turn my attention to college basketball, when I received an email from FinCEN. The…
The Corporate Transparency Act May Be on Life Support, But It Is Not Dead
By Larry Brant
I was hoping to take a short breather from covering the Corporate Transparency Act (“CTA”). However, I am getting several inquiries from attorneys and business owners, asking if they have missed anything with respect to the CTA and more specifically…
Updates to the Corporate Transparency Act Are Coming in at a Rapid Fire – Treasury Issued a Huge Change in the Trajectory of the New Law
By Larry Brant
If you feel punch-drunk from the rapid-fire updates to the Corporate Transparency Act (“CTA”), you are not alone. It is hard to keep up with the madness surrounding this law.
Hoping not to stupefy readers, I will address what I…
FinCEN Delivers Some Good News About Its Enforcement of the Corporate Transparency Act
By Larry Brant
On Thursday, February 27, 2025, FinCEN announced that it will not issue any penalties or pursue enforcement action against reporting companies for the mere failure to meet the current filing deadlines. That news for many is like the title to…
Oh Geez! The Corporate Transparency Act’s Turbulent Rollercoaster Ride Continues
By Larry Brant
I was hoping that I could report to my readers that the turbulent and lengthy ride of the Corporate Transparency Act (“CTA”) was, one way or another, finally over! Unfortunately, I am unable to deliver that news today. Instead, I…
A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part XV – Being an Active Participant in the Trade or Business of an S Corporation Has Its Advantages
By Larry Brant
In this Part XV of my multi-part series on some of the not-so-obvious aspects of Subchapter S, I explore a potential advantage that the S corporation has over the C corporation.
The Patient Protection and Affordable Care Act, as modified…