OntheNet

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So far On the Net has created 4 blog entries.

If One Musician Plays A Wrong Note, the Entire Orchestra Now May Pay the Price — Be Aware of New Partnership Tax Audit Rules

Whitman, Elizabeth: “With awareness and diligent preparation, many partnerships should be able to opt out of the post-TEFRA rules and continue to operate as they have in the past the TEFRA rules, but they still should amend their agreements in case they find themselves subject to the post-TEFRA rules in the future.  For those partnerships that cannot opt out of the post-TEFRA rules, amendments to their partnership agreements can help prevent tomorrow’s partners from paying for today’s partners’ “wrong notes.”

By |2018-05-03T12:59:02+00:00May 3rd, 2018|New Tax Audit Rules|

The New Partnership Audit Rules, Part 2: The Election Out

McGinley. Elizabeth L. and Lorch, Steven J.:  ” The New Rules, effective for audits of partnership tax years beginning on or after January 1, 2018, generally allow the IRS to adjust items of income, gain, loss, deduction or credit of a partnership, and collect any resulting underpayment of tax, at the partnership level…Accordingly, many partnerships—from partnerships in complex structures with multiple tiers of partnership owners, to relatively simple partnerships with even a single partner that is a partnership or disregarded entity—would be unable to make the Election Out. The New Rules give authority to the Treasury Department…”

Read the full article here.

By |2018-04-18T15:21:34+00:00April 18th, 2018|New Tax Audit Rules|

Preparing for the New Partnership Audit Rules: Why It’s Critical to Act Now

Buchanan Ingersoll & Rooney PC:  “There are new, significantly changed audit rules that apply beginning with your 2018 tax return. Every entity taxed as a partnership (which includes most LLCs) will have to take some action with respect to these new rules….In order to best protect your business and its owners, it is critical that your operating or partnership agreement(s) address these new audit rules. Every operating or partnership agreement should be amended.”

Read the full article here.

By |2018-04-18T15:26:50+00:00March 19th, 2018|New Tax Audit Rules|