The Tax Exchange - July 2016
Recently proposed regulations have renewed discussions regarding the IRS position that a partner in a partnership cannot also be an employee of that partnership.
For estate tax purposes, individuals often establish living or ‘grantor’ trusts to hold their assets. Although the assets are held in trust, the grantor is typically treated as the owner of the assets for income tax purposes.
Missouri and many other states provide reduced sales tax rates and exemptions for groceries that are not intended to apply to prepared food sold in restaurants and similar establishments, and a wide variety of definitions and thresholds are used to distinguish between the two.