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Tag: partnership

Wiss launches strategic partnership with non-profit Strong Girls United Foundation

Today marks the 50th anniversary of the passage of Title IX. The law, best known for its role in gender equity in athletics, was signed by President Nixon on June 23, 1972.  The law forbids discrimination based on sex in education, and despite its age remains a vital piece in the ongoing push for equality, extending to other forms of gender and sex discrimination. As a firm that works with companies at every stage of their growth to help them overcome challenges, we’ve developed...

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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  Proposed regulations were issued on January 19, 2017, but prior to being released were withdrawn by executive order.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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