An S Corporation and a partnership are generally subject to pass-through taxation, where the income or loss of the business is passed through to the owners' personal tax returns and taxed at individual tax rates.
The TCJA capped the deduction for state and local taxes (SALT) at $10,000 for individual taxpayers. The TCJA eliminated personal exemptions, suspended the deduction for mortgage insurance premiums, and suspended the deduction for unreimbursed employee expenses.
For the year 2025, the lifetime estate and gift tax exemption amount is $12.92 million per individual. This exemption allows individuals to transfer up to this amount during their lifetime or at death without incurring federal estate or gift taxes. The exemption amount is subject to annual adjustments for inflation.
The primary purpose of the Foreign Corrupt Practices Act (FCPA) is to prohibit U.S. companies and their representatives from bribing foreign officials to obtain or retain business. It also requires accurate recordkeeping and internal controls to prevent bribery.
Under U.S. federal tax law, alimony received from divorce agreements executed after December 31, 2018, is considered taxable income. Gifts and inheritances are generally not taxable to the recipient, child support payments are not taxable income, and interest income from municipal bonds is typically exempt from federal income tax.
