058 California Tax Liability on Ponzi Schemes
Federal Tax News –
IRS Proposal on Automatic Restaurant Tips Proposal
Ty Warner Beanie Baby Tax Evasion Case Decision
State Tax News –
Colorado – Back to School Tax Holiday Bill introduced
South Carolina & New Jersey – Tax Reform Proposals
California – Ponzi Scheme and the Tax Liability on Fake Profits
Main Tax Topic
5 Things to know about Partnerships and Income Taxes
- Tax is not reported on the tax return – Income flows down to the partner level and is reported on the partner’s individual form 1040 tax return. Tax is based on the partner’s tax rate.
- Technical Termination – Change in ownership
- New Partners & Existing Partners – Step up basis
- Distributions & Guarantee Payments & the K-1
- Tax Managing Partner – Who is responsible for filing the tax return and communicating with the IRS
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Navigating The Tax Headline of the Week
NewsletterQ&A coming soon.
Tax TipsThe Additional Child Tax Credit is available on dependents under the age of 17.
- CIRCULAR 230 DISCLOSURE "We are required by IRS Circular 230 to inform you that the advice contained herein (including all attachments) was not intended or written to be used for the purpose of avoiding any penalties that may be imposed under Federal tax law and cannot be used by you or any other taxpayer for the purpose of avoiding such penalties."
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