Professional Accounting Blog

    Accounting For Your Prosperity

    Angelina Milo

    Angelina is the Vice President of Meaden & Moore's Tax Services Group with more than 20 years of experience in the industry.

    Recent Posts

    Final Regulations Issued Regarding New Partnership Audit Rules & Selecting a Partnership Representative

    Posted by Angelina Milo on Aug 14, 2018 10:07:15 PM

    Topics: Tax Planning & Strategies

    On January 1, 2018 the centralized partnership audit regime went into effect.  The regime made significant changes in the procedures used by the IRS to conduct partnership audits, by allowing the IRS to make adjustments and collect tax at the partnership level rather than at the level of the individual partners.  To assist with the administration of the audit, the regime did away with the Tax Matters Partner, and instead provides that the partnership designate a “partnership representative.” Under the proposed regulations, the partnership representative may be a non-partner.  However, the partnership representative will have broad authority to act on behalf of the partners.

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    Tax Benefits of the Real Estate Professional:

    Posted by Angelina Milo on Sep 6, 2016 8:39:28 AM

    Topics: Tax Planning & Strategies

    Rental activities are generally classified as passive activities. If the rental activities result in net passive loss for the year, then a taxpayer is generally restricted from deducting the net loss. The losses are suspended and released in the future, when a taxpayer has passive income or disposes of the activity. In addition, if the rental activities result in net passive income for the year, then the net income may be subject to the 3.8% net investment income tax.

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