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Now Is The Time To Review Your Tax Provisions

By:  Amanda Wilson

As tax season is underway, one important deadline is coming that should not be overlooked.  Tax law allows for partnership and LLC agreements to be amended retroactively to the first day of the prior year, provided the amendment is executed before the due date (without extensions) for the prior year’s tax return.

What does this mean for your agreements?  You should look at the tax provisions and see if there are any items that should be corrected.  For example, do the allocation provisions result in unintended consequences that you would like to correct?   Would you like to add a limited deficit restoration obligation so that one member or partner can utilize losses?   Or does your agreement provide for a tax matters partner, which is a concept that was replaced by a partnership representative (previously discussed here).  You should act quickly, though, as the deadline for executing any amendments for the 2018 tax year is March 15, 2019.

New Interest Expense Limitation Explained

By:  Amanda Wilson

The Tax Act introduced a new rule limiting a businesses ability to deduct interest expense.  I recently wrote an article that explained the new limitation.  It can be found here.

A Brief Overview of the New Loss Limitation

By:  Amanda Wilson

Here is an article that I wrote explaining the new excess business loss limitation that was added by the Tax Act.  The article can be found here.

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