Tax Cuts And Jobs Act Might Mean More Woman Partners
There was language in the bill to the effect that it would not apply to guaranteed payments. But who needs guaranteed payments? Last year Sally’s firm shared $10 million among the equity and income partners. It ended up being a 50/50 split. $5 million for the thirty income partners and $5 million for the 15 equity partners. The equity partners celebrated by going to a football game. The income partners celebrated by going to the ballet. The $5 million to the income partners was $4.7 million in guaranteed payments and $300,000 in bonuses.
For Tax Matters Use The United States Postal Service And Don’t Cut It Too Close
The fact that the taxpayers squeaked by does not change the practical lesson. If it says 90 days, make-believe it is 80 days. At Joseph B Cohan and Associates during tax season in the eighties, the hardcore guys would work till 10:30 PM most weeknights. One of our jokes was telling somebody leaving the office at three in the afternoon on Sunday to have a nice weekend. But on April 15, we sat around all day playing bridge and waiting for emergency calls and went drinking around 5:30. Well usually.
And if you need proof that you sent something, use the US Post Office and do it in person. Let the clerk figure out the postage and stamp your proof of mailing with the date. And anytime anybody tries to tell you that the Founders thought that private businesses do absolutely everything better than the government does tell them to reread the seventh item of Section 8, giving them the benefit of the doubt that they ever actually did read the Constitution
Follow Me
Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.