Tax Warrior Chronicles

The Basics of Becoming a Business Partner

Posted on Thu, Mar 16, 2017

By: Irina Moyseyenko, CPA, MT and Kim Racer Robinson, EA

 

You’ve been offered an opportunity to invest in a partnership; or perhaps you’ve been  promoted to partner at your law, accounting or architectural firm.  After spreading the good news to everyone, you come to grips with the great unknowns. What does it mean to be a partner? How will my financial life change? Below, we review a few things to consider before signing on the dotted line.

Read More

"Limited Partner" for Tax Purposes? What are the Stakes?

Posted on Mon, Mar 18, 2013

This Journal of Taxation column, edited by Sheldon I. Banoff and Richard M. Lipton, comments on the IRS's and courts' positions on characterizing members of limited liability entities as "limited partners" and "general partners," for purposes of potential self-employment tax avoidance under Section 1402(a)(13).  

Read More