Show Original

Archive for the ‘Partnerships and LLCs’ Category

Steve Looney Speaks at 60th Annual William & Mary Tax Conference

Published: November 12th, 2014

By: Stephen R. Looney

Steve Looney, shareholder and chair of Dean Mead’s Tax Department spoke at the 60th Annual William & Mary Tax Conference in Williamsburg, VA, on November 7, 2014. He presented on “Reclassification Risks For Compensation Paid by S and C Corporations to Shareholder-Employees“. In addition to covering unreasonably high compensation in the “C” corporation context and unreasonably […]

Steve Looney Speaks at 63rd Tulane Tax Institute in New Orleans

Published: October 24th, 2014

By: Stephen R. Looney

Stephen R. Looney, Chair of Dean Mead’s Tax department, was a guest speaker at the 63rd Annual Tulane Tax Institute in New Orleans, LA on October 22, 2014. His presentation was titled, “Reclassification of Compensation Paid by C Corporations and Reclassification of Distributions Made by Corporations to their Shareholder-Employees”. Mr. Looney discussed how the IRS and […]

IRS Rules That Members of LLC Are Not “Limited Partners” for Purposes of Avoiding Self-Employment Tax

Published: September 24th, 2014

By: Stephen R. Looney

  In ILM 201436049 (9/5/2014), the IRS found that members of a management company LLC (“Management Company”) were not “limited partners” within the meaning of Section 1402(a)(13) and therefore were subject to the self-employment tax on their distributive shares of income of the Management Company.   Under the facts of the ruling, a limited liability […]

“Florida’s New LLC Act – What You Need to Know to Prepare” on Wednesday, Sept. 24

Published: August 27th, 2014

By: Jane Dunlap Callahan Stephen R. Looney

Florida’s Revised LLC Act New Changes: What you need to know to prepare for 2015 Join us for an insightful discussion of the key changes in Florida’s new limited liability act, including: Changes to the non-waivable default rules Modifications to management options Introduction of a new ability to file statements of authority with the State […]

Can a Partner of a Partnership or a Member of a LLC Be treated as an Employee?

Published: August 21st, 2014

By: Stephen R. Looney

  On 6/13/2014, Curtis Wilson, IRS Associate Chief Counsel (Passthroughs and Special Industries) stated that he is concerned about the rumored use of a disregarded entity to enable a partner to be treated as an employee for withholding purposes.[1]  Under the purported structure, a partnership creates a wholly-owned entity that is disregarded for federal income […]

Steve Looney Published in Tax Law360 – Increase in Tax Rates Causing “Sticker Shock” for Taxpayers

Published: February 7th, 2014

By: Stephen R. Looney

Steve Looney, Chair of Dean Mead’s Tax department, authored an article entitled, “Sticker Shock Lurking For Taxpayers Filing 2013 Returns”, which was published in Tax Law360 on January 31, 2014. Many taxpayers who are just now beginning to file their federal income tax returns for 2013 are in for some “sticker shock” as a result […]

Steve Looney Speaks at University of Texas 61st Annual Taxation Conference

Published: December 6th, 2013

Dean Mead attorney Stephen Looney was a featured speaker at the University of Texas 61st Annual Taxation Conference held in Austin, Texas on December 5th, 2013.  Mr. Looney’s presentation was entitled “Compensation Reclassification Risks for S and C Corporations.”  The presentation discussed how the IRS and the Courts are addressing the reclassification of compensation and other payments […]

Stephen Looney Speaks at NYU Tax Institute

Published: November 22nd, 2013

By: Stephen R. Looney

Dean Mead attorney Stephen Looney was a featured speaker at the 72nd NYU Tax Institute in San Francisco, California on November 20th, 2013.  Mr. Looney’s presentation was entitled Tax Effects of Converting Entities Under Check the Box, State Law Conversion Statutes, State Law Merger Statutes and “Manual” Conversions.  The presentation examined the federal tax consequences of changing […]