More than two decades ago, the Service announced its intention to consider simplifying the entity classification rules in Notice 95-14. It stated: “The Internal Revenue Service and the Treasury ...

The Tax Court has previously held that a partner who contributes his own note to a partnership in exchange for a partnership interest takes no basis in the interest and their capital account is not ...

Here's how to complete Form 8832 so you can tell the IRS how to classify your business for tax purposes. IRS Form 8832, "Entity Classification Election," is a form business owners use to tell the IRS ...

It can be the case that companies are operating under an inferior business classification — an issue that’s more common than many would think. “They might have chosen a classification as a startup ...

For federal income tax purposes an LLC, or limited liability company, is considered a disregarded entity. In effect, the LLC does not exist under the Internal Revenue Code. Despite this fact, a ...