PLLC member-managers are held to not be entitled to a self-employment income exclusion of distributive shares.
Partnership & LLC taxation
Centralized partnership audit rules are reissued in proposed form
The IRS reissued proposed regulations governing the centralized audit rules, which assess and collect tax at the partnership level.
State issues with the new federal partnership audits
The AICPA leads effort to promote state-level uniformity.
Centralized partnership audit rules proposed
The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.
U.S. exporters leaving tax dollars on the table
Forming interest charge domestic international sales corporations can save U.S. exporters a great deal of taxes, but many qualifying taxpayers don’t know about them.
IRS issues temporary regulations on early elections of new partnership audit procedures
The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.
IRS clarifies: Partners cannot be employees
Regulations quash taxpayers’ position that partners can be employees of a disregarded entity owned by the partnership.
Congress changes partnership audit and adjustment rules
TEFRA and electing large partnership rules are repealed.
Advantages of the Up-C partnership structure
This tax planning tool can significantly increase the ultimate proceeds realized by the legacy partners upon exiting their investment in an operating partnership.
Congress makes changes to partnership audit and adjustment rules
The new rules would apply to partnership returns filed for tax years beginning after Dec. 31, 2017.
D.C. Circuit confirms Tax Court’s jurisdiction in son-of-boss case
The court will determine the partners’ accuracy-related penalties in a partnership proceeding.
Rules for disguised payments to partners are proposed
Payment for services would be determined by six nonexclusive factors.
Return due dates changed in highway funding bill
The federal highway funding extension bill passed by Congress contains several tax provisions, including changing the due dates for partnership, S corporation, and corporate tax returns, a provision the AICPA has long advocated.
Proposed rules define disguised payments for services in partnerships
The IRS will apply a six-factor test to determine whether payments to partners are disguised payments for services under proposed regulations issued today.
Court rejects ‘in-substance’ small-partnership argument
A partnership with a passthrough partner owning a 0.02% partnership interest is ineligible for the small partnership exception under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA).
IRS: Corporations cannot circumvent gain on appreciated property using partnerships
The IRS issued temporary regulations designed to prevent corporations from avoiding gain on the distribution of appreciated property through the use of partnerships.
IRS disagrees with Tax Court on partners’ COD exclusion
The IRS will not acquiesce to Tax Court decisions allowing general partners who guaranteed the debt of their partnership and were not in bankruptcy in their individual capacity to exclude from gross income cancellation-of-debt (COD) income arising from a Title 11 bankruptcy proceeding of the partnership.
Transfers of installment obligations would trigger gain or loss under proposed rules
The IRS issued proposed regulations that govern the tax treatment of transfers of installment obligations in exchange for equity interests in corporations or partnerships.
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