William Mitchell

Dec 3, 2024 | jdsupra.com | Christopher A. Jones |William Mitchell |Sharon Shachar

The Internal Revenue Service (IRS) recently released IRS Form 15620, Section 83(b) Election (Form 15620), an approved form for taxpayers to use to make a Section 83(b) election. A taxpayer is not required to use Form 15620 to make a Section 83(b) election, but using this form will ensure that taxpayers include all required information, and we recommend using the form going forward.

Feb 13, 2024 | jdsupra.com | Christopher A. Jones |Wendi L. Kotzen |William Mitchell

SummaryOn January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to other changes, would implement several important business tax changes. The Upshot The TRAFW Act would increase the amount of business interest that a taxpayer can deduct for tax years beginning after December 31, 2021 and prior to January 1, 2026.

Feb 8, 2024 | ballardspahr.com | Christopher Jones |Wendi L. Kotzen |William Mitchell

Summary On January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to other changes, would implement several important business tax changes. The Upshot The TRAFW Act would increase the amount of business interest that a taxpayer can deduct for tax years beginning after December 31, 2021 and prior to January 1, 2026.

May 5, 2023 | jdsupra.com | Christopher A. Jones |Wendi L. Kotzen |William Mitchell

SummaryIn November 2022, the IRS updated its guidance regarding who can sign Form 2848, Power of Attorney and Declaration of Representative (POA), submitted on behalf of a limited liability company (LLC) treated as a partnership or disregarded entity for federal income tax purposes.