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    Ross D. Cohen serves as Co-Leader of the Federal Tax Team and concentrates his practice in the areas of tax and business law, focusing on federal tax transactional and planning issues of partnerships, joint ventures, limited ...

Posted in Tax and Finance

Throughout his campaign, President Donald Trump endorsed an aggressive set of tax proposals that, if enacted, would impact nearly every taxpayer in the United States. Under these proposals, both individuals and businesses would reap the rewards of many potential favorable changes, while others would face increased taxes. The proposals have been adjusted from time to time throughout the campaign and the beginning of the President’s term. The following explores the various tax proposals and early actions of President Trump, which could provide a sneak-peak into the framework of the most comprehensive federal tax reform in more than 30 years.

Posted in Tax and Finance

In the new Legal Forum Column, Ross D. Cohen discussed how a new LLC can get a Federal Employer ID and identify the correct entity type for tax purposes. Read his advice below and don’t miss our monthly Legal Forum Column in Louisville Business First.

Question
I formed a new LLC. How do I get a Federal Employer ID number and identify my entity type for tax purposes?

Answer
Generally, a ...

Posted in Tax and Finance

The IRS issued new guidance on August 26 revising its annual list of areas in which the IRS will refuse to issue taxpayer letter rulings (so-called “no-rule areas”). At the beginning of each year, the IRS publishes a list of some 125 specific areas, 12 general areas and other matters for which it will not ordinarily issue a private letter ruling (“PLR”) or determination letter to ...

Posted in Tax and Finance

Included in the 2015 passage of the Protecting Americans from Tax Hikes (PATH) Act was a provision preventing the Internal Revenue Service (“IRS”) from taxing restitution or civil damages awarded to individuals determined to be wrongfully incarcerated. The law also applies retroactively, so those who paid tax on such awards at any time in the past are entitled to refunds of that ...

Posted in Tax and Finance

The popularity of “Making a Murderer” on Netflix and the first season of the NPR podcast “Serial” has sparked a national conversation about potential wrongful criminal convictions and the ability of the American legal system to deal with the issue and compensate for injustices. Now, those who are found to be wrongfully convicted of a crime will be afforded relief from an ...

Posted in Tax and Finance

An LLC that has more than one member needs to have a written agreement that establishes and governs the members’ rights and obligations among themselves involving all aspects of their ownership and involvement with the LLC. Unlike a corporation that relies heavily on default statutes, an LLC is extremely flexible in that except for a small number of required default provisions under ...

Posted in Tax and Finance

In the new Louisville Business First Legal Forum Column, BGD attorney Ross D. Cohen discussed operating agreements. Read his advice below and don’t miss our monthly Legal Forum Column in Louisville Business First.

Topic
I am a member of an LLC and its Operating Agreement seems unnecessarily complex. How can I be sure this Agreement is consistent with the deal I have with the other ...

Posted in Tax and Finance

In this month’s Louisville Business First Legal Forum Column, BGD partner Ross D. Cohen discusses how nonprofit organizations can qualify as tax exempt. He also explains the difference between “nonprofit” and “tax exempt.” Read his advice below and don’t miss our monthly legal forum column in Louisville Business First.

Topic
How can my nonprofit organization qualify ...

As first appeared in Bloomberg BNA.

Posted in Tax and Finance

How are medical device manufacturers weathering the new medical device excise tax storm? As medical device companies are aware, effective January 1 of this year, there is a tax equal to 2.3 percent imposed on the sales price of certain medical devices which must be paid by the manufacturer, producer, or importer of such device. The medical device excise tax is one of the more significant ...

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