Innovative Strategies For Tax Controversies, Business Structuring And Estate Planning
Help ensure your partnership or LLC complies with tax law Tax issues must be addressed when drafting partnership and LLC operating agreements. This is also true of multi-member LLCs, which are treated as partnerships for tax purposes. Here are some...
Partners may have to report more income on tax returns than they receive in cash Are you a partner in a business? (Note: this includes LLC members if the LLC is treated as a 1065 Partnership for tax purposes!)You may have come across a situation that’s...
WHY DO LLC MEMBERS AND PARTNERS SOMETIMES REPORT MORE INCOME ON TAX RETURNS THAN THEY RECEIVE IN CASH? If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was...
WHEN ARE LLC MEMBERS SUBJECT TO SELF-EMPLOYMENT TAX? Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment...
DON’T FORGET: 2017 TAX FILING DEADLINE FOR PASS-THROUGH ENTITIES IS MARCH 15 When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The...
Basic Entities in the United States – Partnerships Partnerships are similar to a sole proprietorship in that the individuals have personal liability. This means that each partner is liable for their own actions and the actions of the other partners. That is a big...
Basic Entities in the United States. Anyone, even a non-US citizen and non-US resident can establish a sole proprietorship. This is simply operating the business under your own name. You have personal liability for the actions of any employees or any actions taken in...
