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.
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.
Eligibility for, and the mechanics of, the election are among the areas covered.
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.
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.
A presidential regulatory freeze had delayed the proposed regulations' publication from early in 2017.
PLLC member-managers are held to not be entitled to a self-employment income exclusion of distributive shares.
The IRS reissued proposed regulations governing the centralized audit rules, which assess and collect tax at the partnership level.
The AICPA leads effort to promote state-level uniformity.
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.
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.
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.
Regulations quash taxpayers' position that partners can be employees of a disregarded entity owned by the partnership.
TEFRA and electing large partnership rules are repealed.
This tax planning tool can significantly increase the ultimate proceeds realized by the legacy partners upon exiting their investment in an operating partnership.
The new rules would apply to partnership returns filed for tax years beginning after Dec. 31, 2017.
The court will determine the partners' accuracy-related penalties in a partnership proceeding.
Payment for services would be determined by six nonexclusive factors.
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.
The IRS will apply a six-factor test to determine whether payments to partners are disguised payments for services under proposed regulations issued today.
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6 key areas of change for accountants and auditorsNew accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.
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How tax reform will impact individual taxpayersAmy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.