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 ...

On January 16, 2026, the United States Court of Appeals for the Fifth Circuit issued a ruling defining the term “limited ...

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 ...

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 ...

If you signed an LLC operating or partnership agreement prior to January 1, 2018, it may need to be amended to accommodate a significant new rule regarding taxation of partnerships. Effective for tax ...

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 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 ...

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 ...

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 ...

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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.