IRS Focus on Complex Pass-Through Entities
Audio version available here:
Length: approx. 1 min. 15 sec.
As part of its initiative to hold high-earners accountable for their tax obligation, the IRS has announced the formation of a new unit focusing on complex or large pass-through entities.
These entities include partnerships and S corporations who do not have to pay corporate income tax. The unit will be housed in the IRS Large Business and International division, and is set to coordinate with the National Treasury Employees Union as part of its effort. The focus of this unit is on large pass-through organizations who attempt to conceal their shielding of income and evasion of taxes. The IRS says that non-compliance has long been an issue plaguing high-earners, so the formation of this new unit sets precedent for how serious it is about ensuring all taxpayers contribute their fair share.
If you have a high income partnership or S corporation, it is imperative to engage in tax planning in order to stay in compliance. You can do this with XQ CPA’s 360 Tax Planning Series, where a Certified Tax Coach will guide you through reviewing your entity structure, maximizing deductions, and establishing a tax plan. Don’t let the IRS get to you by reaching out to us today!
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