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IRS gives relief for failed exchanges when intermediary becomes bankrupt

Posted June 9th, 2010 by admin

The IRS has issued a revenue procedure to help taxpayers left “holding the bag” when exchange intermediaries defaulted on completing exchange transactions relating to a bankruptcy of the intermediary.

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Filed under:Partnerships

New partnership form will be easy to miss or mess up

Posted February 3rd, 2010 by admin

New federal partnership Form 1065, Schedule B-1 about partnership ownership is required for 2009 partnership income tax returns. In family partnerships, many partners could show up to 100% ownership because of “attribution rules”.

Filed under:Partnerships