The SBA has finally issued a formal updated Q&A regarding gross income for sole proprietors and partnerships. In a March 12, 2021 release, they specify that only Schedule F’s filed on Form 1040 will ...

For tax year 2018 filings, the Internal Revenue Service made a drastic change to the Form 1065, U.S. Return of Partnership Income, that went unnoticed by most practitioners. Specifically, the ...

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 ...

The American Institute of CPAs (AICPA) has submitted additional clarification and feedback on sourcing rules for partnership income to the Multistate Tax Commission (MTC) and its working group ...

The discussion in this Quick Study Supplement outlines select federal income tax issues partnership borrowers may face in debt restructurings. 1 As noted in our debt restructuring overview Quick Study ...