News & Analysis as of

Partnerships

Meeting the Definition of a Small Business Concern Checklist

by Foley & Lardner LLP on

A Checklist for existing or prospective federal government contractors to determine whether they can meet the definition of a small business concern (SBC) under the Small Business Act (SBA). This Checklist includes the...more

Shifting Business Activities Between Related Entities?

by Farrell Fritz, P.C. on

Metamorphosis- By now, most readers have heard about the benefits and pitfalls of “checking the box” or of failing to do so. Of course, I am referring to the election afforded certain unincorporated business entities to...more

Advanced 1031 Exchange Techniques

by Moskowitz LLP on

A common misconception about 1031 exchanges is that they can only be conducted in one manner – a sale and then a purchase through a third party facilitator. In fact, 1031 exchanges have evolved to include numerous tax...more

A Business Owners Guide to the New Partnership Audit Rules

by Barley Snyder on

The Bipartisan Budget Act of 2015 – which became effective at the start of this year – instituted new requirements for auditing large partnerships or entities that are taxed as partnerships, such as limited liability...more

Application of Partnership Audit Rules to Private Funds

by Bracewell LLP on

On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015, which included a new federal audit regime for partnerships and entities classified as partnerships for federal income tax purposes (the...more

Wildlife Habitat Programs: Jodi Reynolds-Coffelt (Waste Management of Arkansas, Inc.) Arkansas Environmental Federation Regulation...

Ms. Jodi Reynolds-Coffelt undertook a presentation at the Arkansas Environmental Federation Regulated Waste Seminar titled: Wildlife Habitat Programs – It’s Easier Than You Think (“Presentation”) ...more

Tax Court Addresses Supervisor Approval Requirement In Partnership-Level Proceeding

by Fox Rothschild LLP on

Recently, the written supervisory approval requirement of Section 6751(b) has been one of the primary issues in Tax Court litigation concerning penalties that the IRS has asserted against taxpayers. The focus of this...more

IRS Gains At The Expense of Partnership Owners

The new partnership audit rules went into effect earlier this year. The new rules permit the IRS to assess and collect tax directly from a partnership or an LLC taxed as a partnership (both of these entities are, for...more

Interim Guidance Issued on New Business Interest Expense Limitations

by Williams Mullen on

The IRS and the Treasury Department recently announced interim guidance to help taxpayers comply with the new business interest expense limitations under the Tax Cuts and Jobs Act (P.L. 115-97) (the “Act”). Notice 2018-28,...more

Lawyers on Tap: Tap Tips for Entity Formation and Taxation

by Verrill Dana LLP on

In this episode of Verrill Voices: Lawyers on Tap, Verrill Dana attorneys Jennifer Green and Jonathan Dunitz discuss the importance of entity formation to the overall success of a brewery business, and the differences between...more

OTA & Travel Distribution Update - Keyword restrictions - Part II: 1-800 Contacts case; Trivago's strikethrough pricing practices...

by Garvey Schubert Barer on

This week’s OTA & Travel Distribution Update for the week ending April 27, 2018 is below. This week’s Update features a wide variety of stories. I hope you enjoy....more

Bracewell Tax Report: April 2018 part 2

by Bracewell LLP on

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

If One Musician Plays A Wrong Note, the Entire Orchestra Now May Pay the Price -- Be Aware of New Partnership Tax Audit Rules

In 1985, the “participatory journalist” George Plimpton worked as a temporary percussionist, playing sleigh bells, triangle, bass drum, and most notably, gong, with the New York Philharmonic. During a performance, he once...more

What are straw donor schemes?

by Bricker & Eckler LLP on

A straw donor scheme is a term used to describe a scheme that a person or entity uses to evade campaign finance contribution limits. For example, the Federal Elections Commission (FEC) limits a partnership to contributing...more

Congress Tweaks Partnership Audit Rules

by Dickinson Wright on

The Consolidated Appropriations Act, 2018 (“Act”), was signed into law on March 23rd. The Act contains a number of changes to the partnership audit rules that went into effect for partnerships (including LLCs taxed as...more

Court of Appeals Rules: What the “Value of His Interest in the Partnership” Means under New York Partnership Law

The New York Court of Appeals, in Congel v. Malfitano, recently ruled that the “Poughkeepsie Galleria Company” (the “Partnership”) was not an at-will partnership and that therefore Defendant Marc Malfitano’s (the “Defendant”)...more

Compliance with New Partnership Audit Rules May Require Amendments to Partnership/LLC Agreements

by Murtha Cullina on

New partnership audit rules (the "New Rules") became effective for tax years beginning on or after January 1, 2018. These rules, which are designed to make it easier for the IRS to audit partnerships and collect additional...more

Taxation of Carried Interests: 2017 Tax Act and Supplemental Guidance

by White and Williams LLP on

The ability of a partnership to grant service providers (typically key management) an interest in a partnership on a non-taxable basis, with potential long-term capital gain treatment on post-grant appreciation, is unique to...more

Form BE-12 – Affirmative BEA Reporting Obligation for Foreign Owned Entities

by Sullivan & Worcester on

Overview - The Bureau of Economic Analysis (the “BEA”) is a branch of the U.S. Department of Commerce that collects statistical information about the American economy. One function of the BEA is to record statistics for...more

Draft North Carolina Tax Legislation Released

by Smith Anderson on

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

So Many Musical Instruments and Business Structures to Choose From

Recently, a mom in one of my social media groups submitted a post asking for advice about the best musical instrument for her children to learn. I posted a reply saying that there is no one best instrument, but rather, the...more

Mylan Partners with Fujifilm Kyowa Kirin Biologics

by Goodwin on

Last week, Fujifilm Kyowa Kirin Biologics (FKB) and Mylan announced that they will partner with one another to commercialize in Europe FKB327, a biosimilar of adalimumab developed by FKB. As we previously reported, the...more

K&L Gates Triage: Ride Sharing and Health Care Regulatory Considerations

by K&L Gates LLP on

Transportation is often cited as one of the top barriers to health care for individuals in the United States. To reduce this burden and increase access to care, many health care providers are now partnering with ride-sharing...more

Bracewell Tax Report: April 2018

by Bracewell LLP on

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

How You May Be Affected by the Changes to Partnership Audit Rules

by Miles & Stockbridge P.C. on

In 2015, Congress passed the Bipartisan Budget Act that created a new Centralized Partnership Audit regime that is effective for income tax returns filed of partnership taxable years beginning after December 31, 2017. These...more

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