Treasury Reporting Requirement about Ownership of Companies begins in 2024

The recently enacted tax reform bill has made significant changes to the taxation of business.  This post summarizes some of the more substantial changes.

Employer-owned life insurance policies issued after August 17, 2016 are subject to taxation by the IRS unless they qualify for an exception.

A recent decision by the Tax Court should serve as a warning to people that own multiple businesses but don't always "respect the corporate formalities" associated with each business entity. If you own more than one business and sometimes have Company A pay the expenses of Company B, or perhaps task an employee of Company A to do things for Company B, the IRS may deny your deductions.