All posts with tag Partnership
30 / 12 / 2017 by Greg Freyman, CPA in Business Tax

Christmas Came Early In 2018: The New Tax Legislation

“Thankfulness is the beginning of gratitude. Gratitude is the completion of thankfulness. Thankfulness may consist merely of words. Gratitude is shown in acts.” —Henri Frederic Amiel

Before we put you all to sleep with a lot of boring tax talk, let’s simply say that great things are about to come that will surely stimulate the economy in more ways than meets the eye at first glance.

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08 / 03 / 2017 by Angela Freyman in Business Tax

Partnership Agreement Issues

We deal with agreements on a daily basis — from the terms and conditions on a website to municipal regulations that guide public actions. These agreements are often forgotten, if not entirely ignored, which may only become apparent when an issue arises. Similarly, partnership agreements may be drafted and then ignored. Partnership agreements guide many aspects of the partnership, including important tax consequences. Unless you have a legal background, you may have retained an attorney’s help when your partnership drafted its partnership agreement. What you may not have considered at the time was having a CPA review the agreement.

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04 / 08 / 2015 by Greg Freyman, CPA in Business Tax

Tax Treatment for A Forgiven Partnership Loan To A Partner

Question:
We borrowed $100,00 from our LLC, which is taxed as a partnership. We now have a new partner and we have forgiven the loan. How is a forgiven partnership loan treated from a tax perspective on the 1065 and 1040?

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