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LLC CHAPTER HIGHLIGHTS • CARES Changes Have Special Mention for Partnerships • Tax Cuts and Jobs Act Makes Few Changes to Partnership Tax Law • IRS Launches Website for Streamlined Partnership Audit Process • IRS Adds Reporting Requirements to Form K-1 • IRS Says Small Partnership Abatement of Late Filing Penalties Not Automatic • Doctor’s Surgery Center K-1 Income Not Subject to SE Tax. Why Not? • Attorneys’ Law Practice K-1 Income Subject to SE Tax. Why?
S CORPORATION CHAPTER HIGHLIGHTS • Minimal Changes to S Corporation Tax in CARES and TCJA • IRS Targets S Corporation Shareholder Basis and Reasonable Compensation • Court Cases Illustrate IRS Targets
PASS THROUGH ENTITIES - Generally • Pass-Through Entity Decision Making and the QBI Deduction • IRS Promises More Audits of Pass-Through Entities • Covid Relief and its Impact on Pass-Through Entities
Learning Objectives:
Recall recent court cases concerning pass through entities
Recall updates on IRS examination targets for pass through entities.