Partnership with Multiple Partners: The Good and the Bad

The generally favorable federal income tax rules for partnerships are a common reason for choosing to operate as a partnership with multiple partners instead of as a corporation with multiple shareholders. The most important partnership tax benefit rules can be...

Trade-In on a New SUV—Reimbursement by Corporation

When it comes to vehicles, there’s much to think about. For example, the rules on vehicle trade-ins have totally changed. TCJA made the trade-in of your vehicle on a replacement vehicle a taxable event.   Example To illustrate, let me tell you about a trade-in...

Husband-Wife Partnerships: The Tax Angles

When both members of a married couple participate in an unincorporated business venture, must it be treated as a husband-wife partnership for federal tax purposes? Answer: maybe, or maybe not. Figuring out the answer is important because it can have a huge impact on...

Should You Operate Your Business as a Partnership?

Changes included in the Tax Cuts and Jobs Act (TCJA) force you and other small-business owners to reconsider whether a new venture should be conducted as a pass-through entity or as a C corporation. Pass-through entities include partnerships and multi-member LLCs that...