Tax Warrior Chronicles

Partnerships – What’s New for 2019?

Posted on Mon, Feb 24, 2020

The Tax Cuts and Jobs Act (TCJA) threw tax practitioners nationwide for a loop last year, especially relating to partnership taxation.  While we now have one TCJA tax season under our belts, partnership taxation continues to be complex and there are additional changes for 2019 of which to be aware.  

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IMPORTANT UPDATE – Form 1065 Reporting Partners’ Tax Capital

Posted on Wed, Dec 11, 2019

Last week, we reported an important change on Form 1065 requiring partnerships to report tax basis partners’ capital accounts starting with 2019 filings. Since many partnerships do not currently report or even track this information, the change could be extremely problematic. However, the IRS has slightly changed course, making the change a bit more palatable, but the over-arching challenge still remains.

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Significant Change in Reporting for Partnerships Ahead

Posted on Mon, Dec 02, 2019

By: Jonathan S. Kandel, CPA

 

Just when you thought all was calm, the IRS shook up the partnership tax world. The recently released IRS proposed 2019 instructions for Form 1065 highlight changes. Here is one proposed change we don’t think will go away:

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"Back to Basis"- Basis Schedule of S Corporation

Posted on Fri, Jul 26, 2019

By: Febby A. Sugianto

 

Since the sweeping changes in the Tax Cuts and Jobs Act of 2017 went into effect, many businesses have rethought how they are structured. S Corporations have a certain appeal and may be a good fit for some. Today, we’ll help you understand the importance of tracking your basis in an S Corporation.

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The Transition from  W-2 Employee to Partner

Posted on Wed, Nov 22, 2017

By: Joseph Moukhliss, EA

 

It’s often the goal of a professional to become a partner at a firm.  Competitive business environments lead companies to offer employees equity partnership or shareholder status to reward and retain top talent.  After years of hard work, loyalty and driving revenue, partnership is a worthy reward.  Many new partners, however, are unaware of how their new role will impact their tax situation.  Today’s blog highlights some of the major changes a professional will encounter when transitioning from an employee to a partner and provides some tips on preparing for those changes. 

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