Special Tax Considerations for Partnerships
The IRS is stepping up scrutiny of partnerships and is requesting more information concerning partnership arrangements going forward. For the most part, capital basis reporting requirements encompass the most significant changes, with the bulk of those being enforced beginning in the 2020 tax year. These changes affect how gains and losses for individual partners are […]
Charity Quid Pro Quos: What You Need To Know
Congress isn’t the only governing body that questions quid pro quos. The IRS considers it a big deal as well, particularly as it relates to charity quid pro quos. A quid pro quo translates from Latin as “something for something.” Anytime you receive a perceived benefit for a donation to charity, the IRS can question […]
IRS Steps Up ACA Compliance Enforcement
The current administration doesn’t have a glowing opinion about the Affordable Care Act (ACA) mandate, but that doesn’t mean it won’t pursue revenue where it can. The IRS is stepping up enforcement of ACA provisions for large employers, and the penalties can reach millions of dollars. Applicable large employers (ALEs) are subject to the employer […]