Video is from the AICPA Website Partnership Audit and Adjustment Rules
Partnerships Listen up! You must identify an Personal Representative this year. It is imperative to understand what that means to the IRS, meaning it needs to mean the same thing to your partnership as well! Refer to my prior blog entitled New For Partnerships in 2018 TCJA.
The video above explains this as well and it also explains additional decisions that your partnership needs to make in order to complete your 2018 tax return, along with possible adjustments to your Operating Agreement.
Please contact me if you have any questions.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.