Are Form 8865 Audit 2024

Welcome to partnership tax fundamentals. My name is Casper Oer, and I am an assistant professor at Georgia State University College of Law. Today, I am joined by Judge Charles R. Boudreau, who is the chief judge of the Georgia tax tribunal and an adjunct professor at Emory School of Law. Our goal is to introduce you to some basic accounting concepts that will help you in your upcoming semester of partnership tax. First, let's talk about partnership taxation in general. It is a challenging course because it combines legal, tax, and accounting concepts. Our aim with this presentation is to give you a solid understanding of accounting concepts so that you can focus on the legal and tax aspects when you begin the course. You may be wondering why you should take partnership taxation. Well, partnership taxation is the future. With the development of the limited liability company (LLC), which has become the preferred choice of entity, partnership taxation has gained importance. In fact, the number of returns filed by pass-through entities, such as partnerships and S-corporations, has significantly increased. Pass-through entities, unlike C corporations, do not pay tax at the entity level. Instead, the owners or members of the entity are responsible for paying the tax. This allows for the income to be allocated among the owners for tax purposes. The rise in pass-through entity returns can be attributed to clear tax regulations and the popularity of LLCs, which have the advantage of being taxed like partnerships while offering flexibility in terms of business agreements. Limited partnerships, general partnerships, and limited liability companies are the types of entities taxed as partnerships. Among these, limited liability companies have experienced a surge in popularity due to their ability to embody the concept of freedom of contract. In a limited liability company, the owners can...