The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as ...

Likely, either the partnership or limited liability company is the most flexible of entities now available for business- or investment-related ventures. Whether either such entity is a partnership for ...

The recent report titled The Use of Schedule K-1 Data to Address Taxpayer Noncompliance Can Be Improved from the Treasury Inspector General For Tax Administration (TIGTA) has me demoralized. A good ...

Please provide your email address to receive an email when new articles are posted on . Our third and final post in the series “Introduction to Taxation of Sales Proceeds” addresses the taxation of ...

The Internal Revenue Service has been stepping up its audits of large partnerships lately, but partnerships have some ways to correct errors on the returns they've already filed to help them avoid ...

Editor’s Note: See Q 8931 to Q for a discussion of the substantial changes to partnership taxation made by the 2017 tax reform legislation. With the exception of certain publicly traded partnerships, ...

Creating a limited partnership reduces the personal liability to each partner within a business. Establishing a limited partnership also provides opportunities for tax deductions between or among the ...

On April 27, 2021, the Multistate Tax Commission (MTC) Uniformity Committee voted to accept its Standing Subcommittee’s recommendation to create a work group to study several key issues relating to ...

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To allow partnerships that may have made errors on their 2018 tax returns a chance to correct those errors, the IRS is granting certain partnerships a chance to file superseding 2018 tax returns (Rev.