Taxpayers often use entities characterized as partnerships for federal income tax purposes to conduct their business activities. In addition to offering limited liability (e.g., limited liability ...

he claim of right doctrine requires taxpayers who receive disputed income to treat it as taxable income if there are no restrictions on how they can use this money. When there are restrictions—as when ...

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 American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income.

The One Big Beautiful Bill Act (OBBBA) brings increased predictability for business owners, founders, family offices and investors in many tax planning aspects. Individual and corporate tax rates stay ...

The 2018 Tax Act created a new deduction for qualified business income earned by an individual. The basic deduction is 20% of the income earned from the business. This deduction is available whether ...