The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as ...

The recent report titled The Use of Schedule K-1 Data to Address Taxpayer Noncompliance Can Be Improved from the Treasury Inspector General For Tax Administration (TIGTA) has me demoralized. A good ...

Creating a limited partnership reduces the personal liability to each partner within a business. Establishing a limited partnership also provides opportunities for tax deductions between or among the ...

Partnership tax controversies are unique animals. Subject to an exception for small partnerships with 10 or less individual partners, partnerships are subject to a specialized set of examination and ...

The Internal Revenue Service has been steadily ramping up its enforcement of partnership tax compliance. The Bipartisan Budget Act of 2015 streamlined the framework for auditing of partnership tax ...

Likely, either the partnership or limited liability company is the most flexible of entities now available for business- or investment-related ventures. Whether either such entity is a partnership for ...

Please provide your email address to receive an email when new articles are posted on . Our third and final post in the series “Introduction to Taxation of Sales Proceeds” addresses the taxation of ...

Limited partnerships are two or more business owners with one or more being general partners and one or more being limited partners. General partners run the daily operations of the businesses, while ...

The Internal Revenue Service has issued a notice waiving tax penalties for certain partnerships that file K-1 schedules failing to report information about the partners’ negative tax basis capital ...

Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the ...