by danr | May 16, 2016 | LLCs, Tax Planning
By: Tamara Pow Limited Liability Companies (LLCs) are complex entities for tax purposes. Generally, for LLCs choosing to be taxed as a partnership, the taxation of independent members depends on the profits or losses of the entity, and the basis of the LLC Member.... 
by danr | Mar 28, 2016 | LLCs, Tax Planning
By: Tamara Pow Before you make a contribution to an LLC in exchange for a membership interest, beware that some member contributions to LLCs are taxable. For a limited liabilty company (“LLC”) taxed as a partnership, the general rule is that members do not recognize... 
by danr | Mar 22, 2016 | Corporate and Business Law, LLCs, Tax Planning
By: Tamara Pow In addition to income tax considerations on forming a limited liability company (“LLC”) in California and making contributions to the LLC, potential LLC members should keep in mind that income they receive from their LLC may be subject to... 
by danr | Dec 9, 2015 | Partnerships, Tax Planning
By: Tamara Pow Since I started my career as a tax attorney at Price Waterhouse, and have been managing partner at two San Jose law firm limited liability partnerships (LLPs) since then, I am used to being in control of the tax reporting for my business. This is also... 
by danr | Dec 1, 2015 | Corporate and Business Law, Partnerships, Tax Planning
By: Tamara Pow On November 2, 2015 the Bipartisan Budget Act of 2015 (the “Act”) was enacted, completely transforming partnership audit procedures going forward. The intent was to streamline audit procedures and increase partnership tax compliance. The effect is going... 
by danr | Sep 18, 2015 | Corporate and Business Law, Tax Planning
A corporate attorney should work closely with a client’s other business advisors, including financial advisors and accountants. This team approach for a business attorney is critical in structuring business transactions and also choosing the appropriate entity...