environment
Can an LLC be a partner in a LP?
General partnerships have no restrictions on who can be owners. Therefore, LLCs can serve as general partners in a partnership. Due to the liability you a...
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local updates
Can I upgrade my version of TurboTax?
You can upgrade or switch to a higher version of TurboTax after you’ve started your 2020 return. To upgrade your version of TurboTax: Make sure you’re sig...
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education
How long does the IRS generally have to collect on a tax liability?
10 years In general, the IRS has 10 years after the date of assessment to collect on delinquent taxes and tax-related fees, although there are a few excep...
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education
What is a true lien?
A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A lien could be established by a creditor or a le...
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education
Does husband get pension if wife dies?
(i) Family Pension is payable to widow or widower up to the date of death or re-marriage, whichever is earlier. (ii) Family pension will continue to be pa...
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culture
What is income received from a limited partnership?
Limited partnerships do not pay income tax. Instead, they will “pass through” any profits or losses to partners. Each partner will include their share of ...
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arts
How does the look back rule work for taxes?
Taxpayers who claim the Earned Income Credit and Additional Child Tax Credit received some good news recently. A special rule in the December stimulus bil...
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technology insights
Can an LLC file a late S Corp Election?
If a business has a reasonable cause for not filing Form 2553 on time, the IRS may approve the S Corp election retroactive to the start of the LLC’s or C ...
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local updates
What is a 503 c status?
§ 501(c)) and is one of over 29 types of nonprofit organizations exempt from some federal income taxes. Sections 503 through 505 set out the requirements ...
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business
What are the questions that should be asked during the investigation?
With that in mind, here are 10 key questions that can help start your investigation: Who committed the alleged behavior? What happened? When did this occu...
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