White House Budget Targets Lawyers, Lobbyists

, Legal Times

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The new White House budget calls for closing a long-controversial tax loophole that gives some high-income professionals like lawyers and lobbyists a way to avoid income and payroll taxes.

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    Not being a tax lawyer, I don‘t know how the Code treats "limited liability companies," which can be an alternative to the S Corp route (also "limited liability partnerships," which are not the same thing as limted partnerships). Hopefully in drafting legislation the White House or others will consider whether these fairly recent entities need to be covered as well.
    (Even Mitt Romney hasn‘t opined on their personhood.)

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