partner

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Limited partners not subject to self-employment tax unless…

In a common partnership, you will find a) general partners - running the business and responsible for the debts and b) limited partners - similar to investors where the money at risk is the amount contributed and not being involved in the day to day. The general partners will be subject to the self-employment tax

By |2024-11-18T03:50:58+00:00January 20th, 2025|Categories: Business, Individuals|Tags: , , , , , , , |

Partnerships – New IRS form for property distributed in 2024, plus bonus on special transactions

The IRS has been putting more focus on partnerships in recent times. Back in June 2024, the IRS released a statement were the Agency would put more focus on "high-income compliance issues" and "... to combat abusive partnership transactions" which mainly related to basis shifting transactions. Then, the IRS targeted specifically three groups: " Transfer

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