The term “goodwill” might initially bring to mind donating items to charity or even Christmas carols. However, in the world
Starting with tax year 2020, the IRS is requiring partnerships to report their capital accounts using the tax basis method.
At the end of 2020, the IRS announced important changes to their compliance rules for partnerships. Starting with tax year
Beginning in tax year 2020, the IRS has updated its compliance rules for partnerships. Most partnerships will now be required
Calculating adjusted tax basis in a partnership or LLC takes us into a complex area of tax law. Remember that
In a previous blog, we discussed tax basis—the amount that a taxpayer has invested in business assets, which determines the
In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs
Understanding tax basis is key to maximizing tax deductions, especially for shareholders or partners involved in an S corporation or
Business losses have become all-too common during COVID-19. Though new tax benefits have been introduced, understanding whether these will benefit
California Prop 19, also known as “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural
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