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 withdrawn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.
Partnership Taxation
Guidance addresses partnership accounting when IRS collects underpayments
A new TQA discusses taxes on partnership income.
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.
Carry your losses (further) forward
New rules limit utilization of net operating losses.
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.
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.
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.
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.
Final rules govern election out of centralized partnership audits
Eligibility for, and the mechanics of, the election are among the areas covered.
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.
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.
IRS reissues centralized partnership audit rules; CPAs urge postponement
A presidential regulatory freeze had delayed the proposed regulations' publication from early in 2017.
Attorneys are not limited partners
PLLC member-managers are held to not be entitled to a self-employment income exclusion of distributive shares.
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.
