Accounting for partnerships vs corporations involves the same basic steps. Both must track revenue and expenses, file payroll reports if they have employees, account for inventory, pay property taxes ...

On Thursday, the IRS released an early draft of the instructions for Form 1065, U.S. Return of Partnership Income (IR-2020-240). The IRS is accepting comments on the draft instructions for 30 days and ...

Whenever more than one person enters into business together, a partnership is formed. In the best-case scenario, a partnership agreement is drafted and the rules of the partnership are expressed to ...

The Internal Revenue Service has issued a notice waiving tax penalties for certain partnerships that file K-1 schedules failing to report information about the partners’ negative tax basis capital ...

The American Institute of CPAs has written a letter to the Internal Revenue Service and the Treasury Department asking them to postpone the effective date of the centralized partnership audit regime ...