President Biden’s FY 2025 Budget Tax Proposals
Contained below are relevant provisions from President Biden’s tax proposal. The proposals are not legislation, and each proposal will need to be introduced and passed by Congress. Individual Taxation Proposals Cryptocurrency Reporting Real Estate and Investments Partnership Taxation Private Foundation Taxation Corporate Tax International Taxation
It’s Not What You Take, It’s What You Make (A Guide to Understanding S Corporations and Pass-Through Taxation)
S corporations and partnerships are considered pass-through entities for tax purposes. But what exactly does that mean? In a nutshell, a pass-through entity passes through all its financial activity, which includes income and expenses, to its shareholders or partners. This financial activity is then reported on the personal tax returns of these shareholders or partners. […]