As the number of partnerships and LLCs taxed as partnerships increases, so too will the number that terminate due to failure or owner disagreement. The Internal Revenue Code contains only a simple ...

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 ...

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 ...

Although many of the procedural rules for auditing partnerships at the federal level have changed under the Bipartisan Budget Act of 2015 (the “BBA”), some principles—like the effect of actual ...