Tag Archives: Partnership

NEW JERSEY ENACTS COMPREHENSIVE CBT OVERHAUL

On July 3, 2023, New Jersey Gov. Phil Murphy signed budget bill A.B. 5323, altering several aspects of the state’s corporation business tax (CBT) regime. Among many other changes, the bill imposes an economic nexus threshold for CBT purposes, switches the state’s combined reporting sales factor sourcing method from “Joyce” to “Finnigan,” treats global intangible Read More…

C-CORPORATION, S-CORPORATION OR PARTNERSHIP; WHICH ENTITY MAKES THE MOST SENSE FOR YOUR BUSINESS?

The choice of entity is among the most important decisions facing business owners when starting a business or investment activity. The choice of tax entity generally includes a C-Corporation, S-Corporation or Partnership, each having its own advantages and disadvantages that must be evaluated in terms of how the entity’s tax and legal characteristics align with Read More…

LOSSES THAT OFFER TAX SAVINGS

If you’re interested in minimizing your tax obligations and maximizing your savings, consider these helpful tips, and contact us to review your tax strategy. Losses that Offer Tax Savings Capital loss, casualty loss, net operating loss — a loss by any name causes a financial setback. It’s something no one likes to think about, much Read More…

IRS PARTNERSHIP AUDITS

When a partnership or an LLC filing as a partnership, files their Federal tax return, there is never any tax due at the entity level.  Instead, all income, deductions, and credits flow proportionally to the partners on their respective Schedule K-1’s.  As a result, if the IRS decided to audit a partnership tax return, taxes Read More…