U.S. Senate Finance Committee Chair Ron Wyden (D-OR) unveiled draft tax legislation for proposals being discussed in Congress. According to a press release, the law would close loopholes that allow rich investors and mega-corporations to use pass-through entities, primarily partnerships, to reduce their tax bills. Wyden stated that “70% of partnership income accrues to the top 1%.” He added that “current partnership tax rules are too complicated for the IRS to enforce, turning partnerships into a preferred tax avoidance strategy for wealthy investors and mega-corporations.” The IRS audited about 0.03 percent of partnership returns for tax year 2018. To read the release: https://bit.ly/3tITBNk Call or visit our website for more information! www.mjscpa.com/
