Category: Tax Law

LLC’s Must Modify Operating Agreements Now To Deal With Tax Law Changes

Business entities that are taxed as partnerships (most limited liability companies that have more than one member are taxed as partnerships), will need to modify their operating agreements this year to address recent changes in the Internal Revenue Code that give extraordinary authority and autonomy to the “Partnership Representative.” For tax years that begin on…

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POSTED IN: Articles & Quotes, Tax Law

“Amnesty” for Massachusetts Taxpayers

Massachusetts taxpayers will have the benefit of a two-month tax amnesty during September and October of 2014. The tax amnesty bill was signed into law by Governor Deval Patrick on July 11, 2014 as part of the state’s 2015 fiscal year budget. The bill directs the commissioner of revenue to work out the details, and…

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POSTED IN: Articles & Quotes, News, Tax Law