By: Amanda Wilson
After months of speculation, President Trump and the Republicans have announced their framework for tax reform. While specific details are not known, the key elements of the framework include:
By: Amanda Wilson
As I previously discussed (here), the federal tax due date for partnership and corporate tax returns changed for tax years on or after 2016. This means that the new filing deadlines are now in effect. Partnership and S corporation tax returns are due a month earlier on March 15th, while corporate tax returns are now due a month later on April 15th. In other words, if your business includes a partnership or S corporation, you need to file the tax return, or file for an extension, by this Wednesday, March 15th. Don’t be caught off-guard and miss this important new deadline.
By: Amanda Wilson
For a discussion of the five things you need to know now about the new partnership audit rules, please read my recent article found here.
By: Amanda Wilson
The IRS recently released IRS legal memorandum 201606027. In this memorandum, the IRS considered the impact of a bad boy guarantee on allocating partnership liabilities under Section 752. Traditionally, bad boy guarantees have not been viewed as resulting in a partnership liability being allocated to the guarantor, as the guarantee obligation has been viewed as subject to contingencies that make it unlikely that the guarantee would ever come into play.
By: Amanda Wilson
It looks like Congress will be delivering an early Christmas present. in the form of permanent extenders package. The Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) is expected to be approved by Congress this week.
