By ALFRED G. MUELLER, CPA
When a business generates income from foreign sources, retains an interest in a foreign company, or has a foreign tax interest, additional IRS filings must be filed. This is especially true for pass-through entities (PTEs) such as partnerships, S-corporations, or limited liability companies (LLCs). Specifically, these companies are required to file Schedule K-2 and K-3.
By ANGELA LAWRENCE
In late November 2022, the IRS announced the interest rates that will go into effect for the first quarter of 2023, which begins January 1, 2023. The new rates, which have increased over the previous quarter, will be….
The Tax Cuts and Jobs Act of 2017 made several favorable tax changes that provided meaningful benefits to businesses. Unfortunately, there were also changes that had an adverse impact on the same taxpayers. One important example is the $10,000 cap on the deduction for state and local taxes. Unfortunately, this modification created tax complications for owners of S-corporations, partnerships, and other pass-through entities. Essentially, it forced more of the tax burden on the individual tax returns of owners.
