At its very simplest, a partnership can be defined as a business entity that consists of two or more joint-owners that have come together to make a profit. These owners are collectively known as ...

A partnership begins when two or more people decide to start a business. Unlike a limited liability company and a corporation, there are no documents to file with the state to begin the legal ...

The Internal Revenue Service and the Treasury Department released proposed drafts of redesigned partnership form schedules for tax year 2021 (filing season 2022) that aim to provide more clarity for ...

The Internal Revenue Service has issued a revenue procedure giving some partnerships extra time to file a Form 1065 and the accompanying Schedule K-1 as long as they haven’t opted out of the IRS’s new ...

The IRS has proposed adding two new schedules to Form 1065, U.S. Return of Partnership Income, to help standardize the format in which partnerships report international tax items, beginning with tax ...