ConnollySteeleMay 23, 20222 minPartners may have to report more income on tax returns than they receive in cashAre you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more...
ConnollySteeleMay 2, 20222 minBusinesses may receive notices about information returns that don’t match IRS recordsThe IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that...
ConnollySteeleApr 25, 20222 minThe tax mechanics involved in the sale of trade or business propertyWhat are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the...
ConnollySteeleApr 18, 20222 minTax considerations when adding a new partner at your businessAdding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit...