There was a historic adjustment made by the Tax Cuts and Jobs Act (TCJA) to the federal tax code. Although this triggered a significant tax break with many business entities, many...
Partners need to examine and review their operating agreement for them to effect the new audit rules. As of the 2017 tax year, the IRS examined tax returns from a partnership...
Posted by Tim Thompson CPA PLLC on 02/27/2020
In 2015, Congress adopted a centralized audit regime for the partnership (the partnership audit rules) that assesses and collects federal taxes due to a partnership-wide audit entity....
Posted by Elliot Kravitz, ATP on 02/25/2020
If you have filed a partnership tax return, for any tax year that began after December 31, 2017, you can expect a federal audit of your return that will be completely different from...
Posted by The TaxAdvocate Group, LLC on 09/30/2019
Centralized Partnership Audit Regime sounds dismal Partnership returns have another election to factor in this year — question 25 on Page 3 of Form 1065. Is the...
Posted by Flynn Financial Group Inc on 09/25/2019
When it comes to tax treatment, there is a difference between unreimbursed business expenses for partners and S corporation shareholders. Also known as ordinary and necessary expenses,...
Posted by Elliot Kravitz, ATP on 04/17/2019
A provision has been included in the Bipartisan Budget Act of 2015 (BBA) which resulted in the creation of audit rules on new partnerships. Recognizing partnerships including LLCs...
Posted by ABLE Tax Resolution on 02/25/2020
As the word itself describes, Partnership is a business legally owned by two or more owners. Since partnerships have no corporate status, they do not have to be taxed directly...
Posted by Esther N. Phahla, CPA, A Professional Corporation on 03/23/2018
Know the Advantages of S Corporations and PartnershipsThere are three main types of business which people mostly know off and prefer to have these types of businesses which also excel...
Posted by rinehimerbaker on 03/23/2018
