Partnership & LLC taxation

TOPICS

July 29, 2019

IRS permits certain partnerships to file superseding partnership returns

The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners.

July 1, 2019

W-2 wages and Sec. 199A

Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.

June 1, 2019

The at-risk rules for partnerships

Know how this loss limitation differs from partners’ tax basis, and some industry-specific criteria.

February 22, 2019

IRS finalizes centralized partnership audit regulations

The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.

January 17, 2019

What CPAs need to know about Sec. 199A guidance and SSTBs

One of the areas that accountants are most interested in regarding tax reform is Sec. 199A guidance — and, more specifically, how the deduction for qualified business income relates to a specified service trade or business. Tony Nitti, CPA, addresses some popular questions on that topic.

December 1, 2018

Model state approach to federal partnership audits

The AICPA worked with several other organizations to create a model statute for states to handle the new federal partnership audit regime.

November 1, 2018

The new QBI deduction is finally clearer

Proposed regulations issued on Sec. 199A bring welcome guidance.

August 7, 2018

Final regs. govern who can be a partnership representative

The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.

July 1, 2018

Levy on husband-and-wife LLC is upheld

Taxpayers’ claim they were a single-member limited liability company is belied by partnership returns, the Tax Court concludes.

June 18, 2018

Disguised-sale partnership regs. withdrawn

The IRS announced that it was withdrawing temporary regulations on the treatment of partnership liabilities for disguised-sale purposes and proposing to reinstate the old rules.

June 1, 2018

Guidance addresses partnership accounting when IRS collects underpayments

A new TQA discusses taxes on partnership income.

May 16, 2018

AICPA recommends flexibility in partnership audits

The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.

May 1, 2018

Mechanics of the new Sec. 199A deduction for qualified business income

This article reviews several scenarios in which certain individuals could take advantage of a new Internal Revenue Code provision to significantly lower their taxes.

May 1, 2018

IRS pursuing self-employment taxes from LLC members

IRS court victories asserting that LLC members should pay self-employment taxes on distributive shares of LLC income should give practitioners pause before claiming this income is exempt from those taxes.

May 1, 2018

Carry your losses (further) forward

New rules limit utilization of net operating losses.

March 22, 2018

Guidance addresses partnership accounting when IRS collects underpayments

A new technical question and answer from the AICPA provides nonauthoritative guidance to help financial statement preparers account for the amount a partnership pays the IRS under these circumstances.

March 13, 2018

Businesses affected by winter storms get extra time to file for extensions

The extension to March 20 applies to business taxpayers affected by the two recent winter storms, Quinn and Skylar, that primarily hit the Northeast and Mid-Atlantic United States.

March 1, 2018

Final rules govern election out of centralized partnership audits

Eligibility for, and the mechanics of, the election are among the areas covered.

January 2, 2018

Final rules govern election out of centralized partnership audits

The IRS finalized the rules for determining whether partnerships are eligible to elect out of the centralized audit procedures enacted in 2015, which apply to partnerships this year.

October 11, 2017

IRS permits partnership basis election without partner’s signature

To ease the regulatory burden on partnerships, the IRS announced that it is eliminating the requirement that partnership elections under Sec. 754 be signed by a partner.