Annette Nellen, Esq., CPA, CGMA, walks us through four recent decisions by the U.S. Tax Court to show how the precise application of a word or phrase can make a world of difference.
The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
The son, who inherited and received as gifts the interests in real estate partnerships, could treat nonrecourse debt as acquisition indebtedness, the Tax Court holds.
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.
Finding the “sweet spot” to maximize the qualified business income deduction may involve adjusting a business’s workforce.
Know how this loss limitation differs from partners’ tax basis, and some industry-specific criteria.
The IRS issued final regulations on the centralized partnership audit regime, which generally assesses tax at the partnership level.
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.
The AICPA worked with several other organizations to create a model statute for states to handle the new federal partnership audit regime.
Proposed regulations issued on Sec. 199A bring welcome guidance.
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.
Taxpayers' claim they were a single-member limited liability company is belied by partnership returns, the Tax Court concludes.
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.
A new TQA discusses taxes on partnership income.
The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
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.
This article reviews several scenarios in which certain individuals could take advantage of a new Internal Revenue Code provision to significantly lower their taxes.
New rules limit utilization of net operating losses.
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.