Well, 2019 is finally here, which means the time has come to update your partnership agreements to address the new partnership tax audit rules that were passed as part of the Bipartisan Budget Act of 2015. These new rules will replace the Tax Equity and Fiscal Responsibility Act of 1982 (TEFFA) and are effective for tax years beginning after December 31, 2017.Read More
Attorneys Robert T. Smith and Blake D. Lewis presented at the Arkansas Society of CPA’s 57th Annual Arkansas Federal Tax Institute. Additionally, Blake served as co-chair to the two-day event. Robert spoke about reasonable compensation and Blake’s presentation focused on the centralized partnership audit regime.Read More
In October 2018, the Treasury Department and the IRS released needed guidance related to the Qualified Opportunity Zone program (QOZ Program) created by the Tax Cuts and Jobs Act. As described below, real estate investors and developers gained critical insight through the guidance.Read More
The 2017 Tax Cuts & Jobs Act will have a significant impact on individuals, businesses and nonprofits, but the latter may experience the most negative effects.Read More
The Internal Revenue Service reminds business owners that tax reform legislation passed last December affects nearly every business.
With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations.Read More