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Sales & Use Tax Insights

Washington Tax Insight March 2019

Politics and Congressional Activity The US government reopened January 26th with a short-term deal reached to fund those government operations without approved fiscal year spending until February 15th, and with no time to spare, the House and Senate then approved legislation that would provide funding for the remaining unfunded departments through September 2019, thereby avoiding another government shutdown.  Because the spending package did not include the funding for a border […]

March 5, 2019

Crucial Tax Due Diligence Issues for S Corporation Acquisitions

Thorough Tax Due Diligence is critical for private equity or venture capital acquisitions. Without it, buyers may risk finding themselves responsible for unexpected tax liabilities. Though S corporations are flow-through entities—meaning that items of income and loss are allocated and subject to tax on the shareholders’ individual income tax returns—they still may create adverse tax implications for the buyer. Minor issues that may have flown under the IRS’ radar for […]

March 4, 2019

Crucial Tax Due Diligence Issues for Acquisitions of Partnerships and LLCs

While Partnerships and LLCs are flow-through entities—meaning that items of income and loss are allocated and subject to tax on the members’ individual income tax returns—they still may come with adverse tax implications for the private equity or venture capital buyer. Conducting detailed due diligence on a target you’re considering acquiring is a must in today’s complex tax environment. Here is a list of some common issues that should be […]

March 4, 2019