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Assistant Tax Manager - Pass-throughs, San Francisco, CA

Assistant Tax Manager (San Francisco, CA)

TaxConnections has been retained to locate an Assistant Tax Manager responsible for assisting the Director of Tax, Pass-Through Entities and the Senior Tax Manager in managing the tax planning and compliance functions for multiple business lines and other investments owned by family.

Primary emphasis is on tax compliance, planning, and support for Fremont’s pass-through entities. Understand and apply the current tax laws and regulations including the tax implications of investment partnership structures and real estate development and operations. Identify and communicate issues, positions, and opportunities both orally and in writing to management. Manage members of the tax accounting staff.

Responsibilities include the following:

Written by TaxConnections Admin | Posted in Pass-Through

Haik Chilingaryan, C- Corps, S-Corps, Tax Lawyer

Prior to tax reform, the C-corporation tax rates ranged from 15 to 35 percent. Under the new law, there is a 21% flat rate. Also under the new law, there is this new deduction known as the Qualified Business Income deduction that is available for Pass-Through Businesses.

Synopsis

The Tax Cuts and Jobs Act of 2017, otherwise known as the GOP tax reform bill, largely went into effect on January 1, 2018. If utilized properly, the new law can be significantly beneficial for business owners. To understand how the new laws can be beneficial for business owners, it’s important to be familiar with the two types of businesses that can have an impact on the taxation of a business entity.

Taxation Of A Business Entity

One way is for the entity to be structured as a C-corporation, in which case the income generated from the business may be taxed twice. For example, the corporation gets taxed at the corporate level upon earning a profit, then after the corporation makes a distribution to the shareholders, the shareholders also pay taxes on their individual tax returns. This concept is known as double-taxation. Under the new law, all the C-corporations will pay a 21% tax on their corporate profits.

Written by Haik Chilingaryan | Posted in C- Corporation • Pass-Through • TaxConnections