The SBA has finally issued a formal updated Q&A regarding gross income for sole proprietors and partnerships. In a March 12, 2021 release, they specify that only Schedule F’s filed on Form 1040 will ...

Taxpayers often use entities characterized as partnerships for federal income tax purposes to conduct their business activities. In addition to offering limited liability (e.g., limited liability ...

Forbes contributors publish independent expert analyses and insights. Matthew Roberts is a tax attorney who covers tax litigation and fraud. Federal tax law treats partnerships as conduits for tax ...

The American Institute of CPAs (AICPA) has submitted additional clarification and feedback on sourcing rules for partnership income to the Multistate Tax Commission (MTC) and its working group ...

he claim of right doctrine requires taxpayers who receive disputed income to treat it as taxable income if there are no restrictions on how they can use this money. When there are restrictions—as when ...

The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income.

Adjusted gross income is an important number used to determine how much you owe in taxes. It’s a factor in determining your federal tax bracket and taxable income — the portion of your income subject ...

In a perfect world, the income you receive would be all yours to keep. However, the tax man is on his way and any dollar you earn is subject to a tax bill. But what is taxable income? Is it everything ...