Partnership & LLC taxation

TOPICS

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.

September 1, 2017

IRS reissues centralized partnership audit rules; CPAs urge postponement

A presidential regulatory freeze had delayed the proposed regulations’ publication from early in 2017.

July 1, 2017

Attorneys are not limited partners

PLLC member-managers are held to not be entitled to a self-employment income exclusion of distributive shares.

June 13, 2017

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.

March 1, 2017

State issues with the new federal partnership audits

The AICPA leads effort to promote state-level uniformity.

January 19, 2017

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.

November 1, 2016

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.

August 4, 2016

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.

August 1, 2016

IRS clarifies: Partners cannot be employees

Regulations quash taxpayers’ position that partners can be employees of a disregarded entity owned by the partnership.

January 1, 2016

Congress changes partnership audit and adjustment rules

TEFRA and electing large partnership rules are repealed.

November 1, 2015

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.

October 30, 2015

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.

October 1, 2015

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.

October 1, 2015

Rules for disguised payments to partners are proposed

Payment for services would be determined by six nonexclusive factors.

July 31, 2015

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.

July 22, 2015

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.

FROM THIS MONTH'S ISSUE

Tax Court allows cattle ranch deductions

The Tax Court held that a Texas rancher operated with a profit motive, despite “troublingly large” losses more than 77 times his gross receipts from farming and ranching. Learn more in this Tax Matters article.