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Reorganization of the Family Farm: Recent Tax and Debt Limit Updates to Chapter 12
Category: Agriculture , Tax
The past few years haven’t been so kind to farmers. It appears that this year will continue the recent trend of subpar net farm income and increasing debt levels due to several years of various detrimental factors, including low commodity prices, poor weather conditions and the ongoing trade war…
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Series LLCs and the Arkansas Uniform Protected Series Act
Category: Tax
Arkansas’ most recent legislative session saw the adoption of a number of laws, none more complicated than Act 665, an Act to adopt the Uniform Protected Series Act. Arkansas’ Uniform Protected Series Act (the “UPSA”) is set out at Ark. Code Ann §4-41-101 et. seq. The series LLC is in part designed…
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The Taxpayer First Act Changes IRS Powers in Ways Important to Your Civil and Criminal Tax Clients
Category: Tax
On July 1, 2019, President Trump signed the Taxpayer First Act (“Act”), which includes a host of important expanded taxpayer protections ranging from adjustments to criminal tax seizures, to John Doe summonses, to the creation of an Independent Office of Appeals, to smaller changes to innocent…
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U.S. Supreme Court Limits the Ability of States to Tax a Trust – The Kaestner Case
Category: Tax
On June 21, 2019, the U.S. Supreme Court issued an opinion limiting the ability of a state to impose income taxes on a trust when the trust’s connection with the taxing state is minimal. The case is styled North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust. In the…
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S Election Terminated as a Result of Form Operating Agreement Language
Category: Tax
A limited liability company (an “LLC”) is a business structure created by state statute, but it is not a distinct business entity for tax purposes (like a partnership or a corporation). Instead, businesses structured as LLCs are taxed under the provisions of the Internal Revenue Code applicable to…
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