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Tag: partnership

The New Partnership Audit Rules Effective January 1, 2018

By Mike Bodrato, CPA, JD As part of the Bipartisan Budget Agreement of 2015, Congress made significant changes in the procedures used by the IRS to conduct partnership audits (including LLCs treated as partnerships) and their partners.  Proposed regulations were issued on January 19, 2017, but prior to being released were withdrawn by executive order.  New proposed regulations were issued on June 14, 2017.  The new partnership audit rules repeal the current regime under the Tax Equity...

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QBI and Guaranteed Payments

While there is much to say about the complexity and application of the new Qualified Business Income (“QBI”) deduction provided under the recently enacted Tax Cuts and Jobs Act, I am going to focus on a narrow aspect of these rules that could have a significant impact on partners and partnerships. Under the new QBI deduction provisions, effective after January 1, 2018, an owner of a sole proprietorship, S corporation or partnership is entitled to a deduction equal to 20% of the “qualified...

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