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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

By |2024-10-24T03:04:05+00:00October 29th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , |
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Higher audit rates for partnerships and scrutiny on basis shifting

In the Fact Sheet 2024-21 Basis shifting, the IRS detailed the guidance to avoid abusive basis shifting by related-party partnership members, such as transfers, distributions or liquidations. This is part of a broader targeted effort against partnerships and high income taxpayers. For the basis shifting, the IRS described the abuse as a evasion of taxes

By |2024-11-12T20:02:09+00:00July 2nd, 2024|Categories: Business|Tags: , , , , , , , , , , |
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