IRS Issues New Regs on Allocating Debt to Partners and LLC Members

On October 5, 2016, the IRS released new temporary and final Section 752 regulations. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests. This calculation determines what's often referred to as the partners' "outside basis" in the partnership (their basis for Continue Reading

Executive Compensation: What Are IRS Auditors Looking For?

When IRS auditors begin the task of examining a company, they must first learn the in-house terminology utilized by the firm, as well as how records are maintained. In the case of executive "Every publicly held corporation maintains its executive compensation records differently. Likewise, every publicly held corporation maintains different methods for compensating its executive."-- IRS Continue Reading

New Trade Law Stiffens Penalties for Certain Taxpayers

  On June 29, the Trade Preference Extension Act of 2015 (TPE) was signed into law. The TPE mainly focuses on foreign competition and retraining domestic workers. But if you read the fine print, you'll see that it also includes important — but little-noticed — changes to the penalty regime for failing to file required information returns with the IRS and failing to furnish required Continue Reading