The Internal Revenue Service has been stepping up its audits of large partnerships lately, but partnerships have some ways to correct errors on the returns they've already filed to help them avoid ...

Partnerships are a popular business entity in the United States, particularly for small businesses. If you are considering forming a partnership, it is important to understand the fundamentals (and ...

PIP (partners' interests in the partnership) allocations are very commonly used in partnership agreements. 1 For this reason, Investors and managers should understand the basics of PIP allocations and ...

Partnerships are an enigma under federal tax law. Although the partnership files an annual income tax return (i.e., Form 1065), the partners report their allocable share of the partnership’s tax items ...

The Internal Revenue Service has been examining only a tiny fraction of tax filings from large partnership filings due to staffing shortages and other resource constraints for auditing the complex ...

An overview of the US federal income tax rules that apply to partnership divisions, including guidance on determining whether a transaction is treated as a partnership division, the tax form of a ...

On Sept. 8, 2023, the Internal Revenue Service announced that it will shift its attention to wealthy taxpayers, increasing its scrutiny on high-income taxpayers (defined as those with income over $1 ...

The Internal Revenue Service announced plans to establish a special area to focus on large or complex pass-through entities. For weeks, the IRS has been teasing new compliance initiatives—including ...