This series of frequently asked questions (FAQs) provides answers to questions we are hearing from our members about the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA). ALERT: The IRS announced in Rev. Proc. 2020-23 that BBA partnerships, which are normally prohibited from filing an amended
The U.S. Supreme Court announced in March 2020 that it will hear a case that challenges the constitutionality of the individual mandate under the Patient Protection and Affordable Care Act. The original case, Texas v. United States, is now docketed in the Supreme Court as California v. Texas. Get insights on the
This series of frequently asked questions (FAQs) provide guidelines for tax practitioners to consider when preparing a written document retention policy for their firm. Additional guidance is provided to help practitioners advise their clients on taxpayer record retention. Document retention policies for firm operations and client records Should firms maintain
Does the headache of owning a small unincorporated business frustrate you because of exorbitant self-employment (SE) taxes? There is a way to eliminate this aggravation: convert your unincorporated business into an S corporation! Let’s take a look at the dynamics behind doing so. SE Taxes – Definition and Calculation Methodology
