Around the Firm. Remote Work. PG LLP continues to (thankfully and gratefully) enjoy the benefits of operating virtually (i.e. “remotely,” “at-home”), having done so throughout the firm’s existence. The aggressive application of state of the art technology in the law firm environment was and is a fundamental underpinning of the…

The COVID-19 pandemic raises the specter of borrowers defaulting on their loans and debt issuances. Renegotiation and workout of those obligations must occur, either in or out of bankruptcy.  Any time where a borrower and lender change the terms of a pre-existing debt obligation, the possibility of tax consequences are…

New regulations and other guidance under IRC Section 199A have been released recently. There is particularly new and interesting news related to rental real estate activities and whether those activities qualify for the 20% deduction allowed under 199Aa.  See our whitepaper on the subject here.

The Tax Cuts & Jobs Act of 2017 eliminated entertainment deductions as a business expense (box seats at the football game, theatre, etc.).  There was some (warranted) fear that this elimination extended to the much-revered regular business meal where a taxpayer hosted a client or prospect. Finally, and just recently,…

The Tax Cuts and Jobs Act of 2017 reduced the maximum corporate income tax rate to 21% for regular “C” corporations.  The marginal maximum tax rate for individuals was lowered, but not quite so drastically, to 37%.  Many believe that the lower corporate tax rate would influence taxpayers to convert…

The Tax Cuts and Jobs Act of 2017 (Pub. L. No. 115-97) (“TCJA”) eliminated the deduction for miscellaneous itemized deductions, at least temporarily, until 2025. This means that expenses incurred for the production of income described in IRC Section 212, such as those incurred to manage investments and tax preparation…

Administration officials are now saying that the new and desperately needed rules under IRC Section 199A will not be issued until late July. This author will go out on a substantial limb and tell you not to hold your breath — a Labor Day deadline is more likely.  The Treasury…

The IRS, on July 2, 2018 through its Large Business and International division, announced that it will begin targeted audits and other enforcement actions in a few specific areas. Importantly, the area of virtual currency or “cryptocurrency” was singled out for one of these enforcement campaigns. Through these campaigns, the…