Tag Archives: Partnerships

Partners Who Work For Disregarded Entity Owned By Partnership Are Self-Employed

Partners Who Work For Disregarded Entity Owned By Partnership Are Self-Employed The IRS has issued final, temporary and proposed regs that preserve a partner’s status as a partner, and not an employee, where the partner works for a disregarded entity … Continue reading

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Highway Bill Revises Return Due Dates

President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015  on July 31. The Act revises some return due dates, overrules the Supreme Court’s decision in Home Concrete, revises the employer shared responsibility requirements in … Continue reading

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Federal Tax Developments for Third Quarter 2015

During the third quarter of 2015, there were many important federal tax developments. The following highlights some of the more significant developments for you. 

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C-Corporations and Pass through corporations can contribute to the Georgia GOAL Scholarship Program and receive a much needed benefit.

Corporations can receive a tax credit for amounts contributed to the GOAL Scholarship Program and many corporations have done so. For “C” corporations, the tax credit is available up to 75% of their annual Georgia income tax liability. Owners of … Continue reading

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Landmark Historic Tax Credit Case is FINAL

The Supreme Court has declined to review a decision of the Court of Appeals for the Third Circuit that a corporate investor wasn’t a bona fide partner in an LLC and thus wasn’t entitled to claim its share of historic … Continue reading

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Penalty Happy IRS Goes After Parnerships & its Partners

The IRS has created a plethora of penalties that apply to partnerships and partners.  This penalty structure is consistent with the IRS’s policy of self assessment and penalties for failing to properly apply the law.

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Changes to 2011 Partnership Returns

Partnership return for 2011 reflect numerous changes.  Form 1065, Reporting for US Partnerships are due by April 16, 2012 (for calendar year partnerships). Here are some of the new items we will need to address during this filing year.

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