Starting a Partnership? Know the New Tax Rules

July 11, 2017 by OSYB Staff

Henry+Horne shares the new tax rules that may affect you, if you are thinking of starting a partnership with an established business.  “In a nut shell, and in very general terms, starting for tax years ending after 2017, absent exceptions or a partnership actively opting out, the IRS will be assessing tax adjustments at the partnership level. As often happens in times of change, some will benefit whilst others will bear a disproportional burden.”

You need to know if you will be responsible for taxes that were accrued even before your partnership started.  This knowledge can help you to decide if the investment is worth pursuing.  And as always, make sure you consult with all the appropriate professionals and your tax professional before you sign on the dotted line.

Find out the the important details:  New tax rules for partnerships