Brentley Leitzell

Navigating the world of partnership taxation can be a complex endeavor, especially when it comes to understanding the concepts of inside and outside basis. These two terms, while intricate, are crucial in strategic tax planning for partnerships. This article aims to shed light on these concepts, helping partners and tax advisors make informed decisions regarding […]

What’s Changing? The IRS is introducing changes that affect tax deductions for certain charitable contributions made by partnerships and S corporations. These changes are part of the IRS’s efforts to regulate conservation-related donations more stringently. Key Points of the New Regulations: Deduction Limitation: The new rules set a limit on the tax deductions that partnerships

The allocation of profits and losses in partnerships not only dictates the financial relationship between partners but also holds significant tax implications. Understanding and strategically managing these allocations can be a potent tool in tax planning. This detailed article outlines advanced tax strategies involved in profit and loss allocations for partnerships and their implications on

The partnership agreement plays a pivotal role in defining tax obligations. This legal document not only outlines the operational aspects of the partnership but also has significant tax implications for each partner. Understanding how the terms of your partnership agreement affect tax liabilities is crucial for effective tax planning and compliance. This article explores key

Effective tax planning is crucial in maximizing financial efficiency and minimizing liabilities. Unlike corporations, partnerships enjoy pass-through taxation, meaning profits and losses are reported on the individual partners’ tax returns. This unique structure presents both opportunities and challenges in tax planning. This article explores best practices in tax planning for partnerships, providing actionable strategies to