Our NYC CPA specializes in self-employment taxes and business taxes in New York City and New York State. Our tax accountants in NYC provide updates on business tax developments including changes in rules and approach toward partnerships, corporations and LLCs.
For example, the use of partnerships as a business and investment entity of choice continued to expand in 2016. According to the IRS 2016 Fall SOI Bulletin, the latest annual statistics show that more than 3.6 million partnership returns and 27 million partner Schedules K-1 were filed.
Partnership Audits. The Bipartisan Budget Act of 2015 (P.L. 114-74) eliminated the so-called TEFRA unified partnership audit rules (as first introduced in the Tax Equity and Fiscal Responsibility Act of 1982 (P.L. 97-248)), along with the electing large partnership (ELP) rules, in favor of a more streamlined audit regime. Under a transition provision, the new audit regime will be required only in connection with returns filed for partnership tax years beginning after 2017. However, subject to certain exceptions, partnerships may choose to apply the new regime to any partnership tax year beginning after November 2, 2015.
If you have questions aboutpartnership taxes, S-Corp taxes, C-corps taxes or LLC taxes or your self-employed taxes, please contact our Manhattan tax accountants and NYC CPA office.