Because partnerships’ income is taxed to the separate partners as it is earned, eventual distributions generally are not taxable, but there are exceptions. This article discusses several of these exceptions in which distributions of money or property or a reduction in liabilities treated as a distribution may create taxable income for partners, sometimes in unanticipated ways.
To reap the benefits of a move from a hightax state to a low-tax state, taxpayers must be able to prove that they have established domicile in the low-tax state. This article discusses the requirements to establish a new place of domicile, the factors states generally look at in evaluating a reported change in domicile, and potential triggers for state audits of domicile changes.
To get through the rigors of tax season, CPAs depend on their tax preparation software. Here's how they rate the leading professional products.
