Page 7 - Pass Through Entity News Today : Breaking News, Live Updates & Top Stories | Vimarsana

To embed, copy and paste the code into your website or blog: On January 19, 2021, New York State Governor Andrew M. Cuomo submitted his Executive Budget, applicable to the state’s fiscal year beginning April 1, 2021. The governor’s proposal, which will now be the subject of public hearings and negotiations, contains several potentially significant tax provisions: S Corporation Conformity. Under the proposal, all federal S corporations would be treated as pass-through New York State S corporations. Currently, New York State S corporation treatment is elective, except for federal S corporat...

New reports including from social media this past week that tax returns appear to be smaller. it's just one of the headlines making business news. the others includes this surprising number here. more than seven million americans are behind on their car loan payments. inequality is reaching levels we haven't seen since just before the great depression. and fallout from amazon walking away from its deal with new york city. ron insana joining me. the average tax return is down about 8.7% this year compared to last year. what's going on? >> a couple of things. one, there may have been underwith...

Majority of the benefits going to the wealthiest 5%, 10% of the population, even the top .1% will benefit from this. there are all kinds of loopholes in the pass-through entity, the so-called llc or other corporate provisions that were going to benefit others. very difficult to figure out exactly what the loopholes are at the moment. i just got off the phone with my own accountant trying to understand in detail what this means. but it does not help individuals who are below $100,000. in fact, it probably doesn't help individuals who are below $200,000, given the analysis we've seen thus far. i...

Obamacare and make money to assure other tax cuts-- >> do you think that's going to get through the senate? >> oh, i wouldn't know what the senate can do or not. i think that's up for senator mcconnell and his leadership team to figure out. but i would think the mandate would be something you could give up to get everything else. i mean, it's really, it's a tax bill, right? we need to get the taxes right. elizabeth: there's another incident i wanted to ask, the small businesses. i want to know if there's clarification or things that will change, especially as how they get organized and whether...