In last week’s post, we talked about new tax rules that may increase the risk of audits to general partnerships. Yet the tax obligations of LLC members may also be confusing. According to one commentator, many LLC members are still confused about whether provisions of...
A recent article makes a dire prediction: the risk of partnership audits may increase due to new tax rules.As readers may know, a partnership is often treated as a pass-through entity under the Internal Revenue Code. That means that the partners have personal...
A business must keep good records for practical reasons like tracking inventory and revenues, and simply to know whether its operations are “in the black.” However, the advice of an IRS publication is equally wise: Good business records may even stave off a tax audit....
One of the advantages of consulting with an attorney regarding an IRS tax controversy or dispute is the settlement angle. An attorney's training in negotiating may prove useful in estimating the litigation hazards and providing a ballpark settlement figure that would...
Our tax law firm understands the importance of keeping accounting and legal advice separate. Commingling these two areas might lead to trouble.For example, errors might be discovered after a tax return has been filed. The accountant who prepared the original tax...