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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