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In a November article, The New York Times reported that the tax bill would "[r]educe the pass-through tax rate to 25% regardless of income level. Since 95% of businesses are incorporated as pass-through entities [12] Examples include "sole proprietorships, partnerships and S corporations that currently pay taxes at the individual rate of their ...
LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. [1] An LLC is not a corporation under the laws of every state; it is a legal form of a company that provides limited liability to its owners in many jurisdictions.
But the TCJA also offered a major tax break to pass-through businesses, such as partnerships, S-corporations and sole proprietors: If those businesses meet income limits and eligibility ...
Pass-through entities: Owners of pass-through entities like sole proprietorships, partnerships, and LLCs (if taxed as a sole proprietorship or partnership) typically pay themselves through owner ...
If an entity has been operating under one classification for some time, but then elects to change its classification, there may be tax consequences. The initial regulations were unclear on this point, so the IRS issued Revenue Rulings 99-5 and 99–6 in 1999 to address questions surrounding the conversion of an LLC to a partnership and vice versa.
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