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Program Description
New partnership audit rules require a fresh look at the process of selling a partnership interest and partners' relationships when an audit occurs. Separately, tax reform provides new income tax planning opportunities for using trusts to hold business entities. Finally, a recent case involving family offices sheds some light on avoiding the disallowance of investment management fees.
Learning Objectives
We will discuss:
- How the new partnership audit rules work, whether they are a benefit or a burden, and issues to consider when drafting partnership sale agreements or operating agreements.
- Why using trusts to hold business interests can save income tax and what additional issues using trusts raises.
- How a family was able to save taxes by the way it structured its investment management and how to use business entities to save tax on investments even if one cannot replicate their situation.
About the Speaker
Steve is a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Lawyers, accountants and business owners regularly look to Steve for fresh, highly knowledgeable insights into the best possible tax and estate planning approaches to their transactions.
Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties)or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.
Drawing on his background as an accountant - and his still-current CPA license and Chartered Global Management Accountant credential - Steve structures businesses to achieve business objectives and save income or estate tax. He has helped fledgling businesses organize, thriving businesses restructure to save hundreds of thousands of dollars of income tax when planning a transition to the next ownership group, and mature multi-million or billion-dollar businesses plan tax-saving transfers to the next generation.
Steve is a highly visible member of the ABA's Real Property, Trust & Estate Law Section and the American College of Trust & Estate Counsel, which regularly directs its members to Steve's quarterly newsletter. He has represented both groups in comments to the IRS, the U.S. Treasury, and tax lawmakers.
Click here to read Steve's full biography.
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