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 ...

At issue are partnership interests linked to so-called “hot assets” under section 751 of the Internal Revenue Code. When ...

Monte Jackel of Jackel Tax Law discusses partnership taxation rules and the role they play in former President Trump’s ongoing IRS audit. This transcript has been edited for length and clarity. David ...

The Internal Revenue Service has been steadily ramping up its enforcement of partnership tax compliance. The Bipartisan Budget Act of 2015 streamlined the framework for auditing of partnership tax ...

The IRS has many enforcement priorities, in part due to the funding windfall that was promised in 2022. The Inflation Reduction Act granted the IRS $80 billion over 10 years to be used for enforcement ...

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The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income.

If you ever receive a K-1 from a partnership, send it to your accountant without looking at it and expect that your accountant is tracking things thoroughly, pay attention. If you do your own return, ...

Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the ...