Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

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For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs. However, it’s important to make the right choice. This article discusses the distinctive features of Roth IRAs. A sidebar notifies readers of an important rule change regarding Roth IRAs under the Tax Cuts and Jobs Act.

Every taxpayer with a high degree of wealth shouldn’t let estate tax liability or gift tax liability take their heirs by surprise. This article provides the latest info on estate and gift tax exclusions and exemptions, and explains how to help forecast one’s estate tax exposure.

The IRS has treated owners of LLCs and LLPs as limited partners for purposes of the passive activity loss rules. This could be a tax negative. As this article explains, however, LLC and LLP owners can now be treated as general partners, which means they can meet any one of seven “material participation” tests to avoid passive treatment.

State tax authorities usually let a business know if it hasn’t paid enough sales and use taxes. But the lines of communication may not be so open if the company is overpaying. This brief article explores the complex but often beneficial process of conducting a reverse audit to find overpayments and seek reimbursements.

Important Information: The information contained in this newsletter was not intended or written to be used and cannot be used for the purpose of (1) avoiding tax—related penalties prescribed by the Internal Revenue Code or (2) promoting or marketing any tax—related matter addressed herein.

The Tax and Business Alert is designed to provide accurate information regarding the subject matter covered. However, before completing any significant transactions based on the information contained herein, please contact us for advice on how the information applies in your specific situation. Tax and Business Alert is a trademark used herein under license. © Copyright 2018.