News & Articles

EHTC Welcomes Kyler D. Clark, CPA as a Tax Manager

Posted on Tue, Sep 14, 2021
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Tags: tax returns, Partnership, Team Member

The Joint Committee on Taxation Report Summary

Posted on Wed, Dec 07, 2016

The Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect for 2016. Here are the details of that report, including some interesting trends about business taxes.

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Tags: C corporation, LLC, Partnership, Sole Propietorship, S Corporation

New IRS Regs on Disguised Sales Affect Partnerships and LLCs

Posted on Mon, Oct 31, 2016

In October, the IRS issued new guidance targeting strategies that are used to exploit the tax benefits associated with partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. In a nutshell, under the new guidance, property transactions between partners and partnerships are more likely to be classified as disguised sales and, therefore, subject to taxes. Here's a summary of the most important aspects of the new temporary and final regulations on disguised sales that apply to these entities.

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Tags: IRS, LLC, Taxes, Partnership, Section 752

IRS Issues New Regs on Allocating Debt to Partners and LLC Members

Posted on Wed, Oct 26, 2016

On October 5, 2016, the IRS released new temporary and final Section 752 regulations. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests. This calculation determines what's often referred to as the partners' "outside basis" in the partnership (their basis for deducting losses and receiving tax-free distributions). In some situations, the new regulations make it more difficult for partnerships to manipulate the rules to increase the outside basis of certain partners for tax planning purposes. In most situations, however, the effects of the new regulations are neutral.

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Tags: IRC, IRS, LLC, Partnership, Section 752

The Latest Tax Developments for Partnerships

Posted on Fri, Apr 15, 2016

In recent months, there have been several significant tax developments that affect partnerships. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity, we'll use the terms "partnership" and "partner" to refer to all entities and owners that are affected by the developments.)

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Tags: Audit, Interest Rates, Partnership