Ordinary Loss Treatment on Abandonments, Forfeitures, or Worthlessness of Partnership Interests

March 26, 2018

Squeeze that Worthless Partnership Interest for Some Lemonade Ordinary losses almost always provide a better tax benefit than capital losses. A partnership interest is considered a capital asset. A sale of a partnership interest at a loss will generate a capital loss. However, an abandonment,…

Home equity borrowers get good news from the IRS

March 15, 2018

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest…

2017 tax filing deadline for pass-through entities is March 15

March 8, 2018

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited…

New budget agreement brings additional tax changes

March 2, 2018

The ink on the Tax Cuts and Jobs Act (TCJA), which swept in a tidal wave of changes to federal tax rules, had been dry for only seven weeks before Congress passed more legislation that could affect many taxpayers. The Bipartisan Budget Act of 2018…

Don’t be a victim of tax identity theft: File your 2017 return early

January 17, 2018

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17)….

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