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Partnership Agreements

Posted by Claud Posted on Nov 27 2018

New IRS audit rules apply for partnership taxable years beginning after December 31, 2017. Although the partnership may elect out of the new rules on a year-by-year basis, very few partnerships qualify for the election. Highlights of the new rules are a tax on “imputed underpayments” that is assessed and collected at the partnership level, with exceptions. Also, the “Tax Matters Partner” is replaced with new “Partnership Representative”, who need not be a partner.

 

Under the current rules, less than 1% of partnerships were audited. IRS could increase partnership audits under these new rules with the added ability to collect tax from the partnership.

 

If you haven’t already, please review your partnership (or LLC) agreement with your attorney to ensure it addresses the significant changes to the partnership audit regime that will generally apply to partnership returns filed after 2018. 

IRS Tax Tip

Posted by Claud Posted on Aug 09 2018

Taxpayers now have more time to challenge a levy https://go.usa.gov/xUGZU

Qualified Business Income Deduction

Posted by Claud Posted on Aug 08 2018

IRS issued proposed regs today on the 20% QBI deduction under Section 199A created by the 2017 Tax Cuts and Jobs Act (TCJA).

Sec 168(k)

Posted by Admin Posted on Aug 07 2018

Treasury and IRS issued proposed regulations on 100% depreciation deduction under TCJA.

Welcome to Our Blog!

Posted by Admin Posted on Dec 17 2013
This is the home of our new blog. Check back often for updates!