03 Jan 2023
Happy New Year! It’s All in the Family Time. The Family Business: Partnership and LLC Tax Issues
Family limited partnerships (FLP) and family limited liability companies (FLLC) offer unique tax issues. If your client is contemplating creating an FLP or FLLC, this practice note will assist you in reviewing the family partnership rules, the role of children as partners, and estate planning issues that arise.
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Learn more about the unique features of partnerships, including advanced issues in partnership taxation, like the ability to allocate items of income, gain, loss, deduction, and credit; partnership distributions and liabilities; and I.R.C. Section 754 elections, partnership terminations, and liquidations.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Tax Key Legal Developments Tracker (Federal)
Stay informed on new developments:- Business Entities. Treasury and IRS issue proposed regulations that identify certain syndicated conservation easement transactions and substantially similar transactions as listed transactions, a type of reportable transaction. Syndicated Conservation Easement Transactions as Listed Transactions, 87 Fed. Reg. 75,185 (Dec. 8, 2022).
- Practice, Procedure, and Controversy. IRS specifies when information shown on a return in accordance with the applicable forms and instructions will be an adequate disclosure for purposes of reducing an understatement of income tax under I.R.C. Section 6662(d) and for purposes of avoiding the I.R.C. Section 6694(a) preparer penalty. Rev. Proc. 2022-41.
- Explore local taxes in key jurisdictions (CA, CT, DE, DC, FL, GA, HI, IL, IN, ME, NJ, NC, OH, PA, SC, and WA) with our State Law Comparison Tool (Practice Area: Tax, Topic: Local Taxes).
- Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
- Check out the new Practical Guidance Author Center! Learn about the 1750+ leading attorney authors contributing to our 22 practice areas, and find out how you can Become a Practical Guidance Author.
- Share fundamental guidance with your firm’s new associates to help them sharpen their research and writing skills, get the inside scoop on associate survival, and hit the ground running in the tax practice area. Review the resources in the First Year Associate Resource Kit: Tax.
- The Practical Guidance Journal Fall Edition features the impacts of the U.S. Supreme Court’s decision in Dobbs v. Jackson Health Organization on employers, healthcare, insurance, and privacy concerns, and tracks the status of state law changes.
- Listen up! Access our growing collection of podcasts by navigating to the Practical Guidance and Law 360 Podcasts Resource Kit.
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