Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.
Nonprofit (tax-exempt) employers are treated differently than for-profit employers with respect to how deferred compensation is taxed. Internal Revenue Code Section 457 (Section 457) is the main tool for this. Some of the timing issues under Section 457 may pose a trap for those not familiar with them.
This second article in Boardman Clark’s Wisconsin Uniform Limited Partnership Law Series highlights certain changes to Subchapter I of Chapter 179 that will be of interest to those doing business in Wisconsin.
If you are considering the S corporation election for your LLC, you and your tax advisors should run through different scenarios to see potential tax savings and compare those savings against the additional filing burdens and other concerns.