Today TaxMama® hears from Ben in the TaxQuips Forum, with a question that raises another common issue. Let me summarize the issue. “Quite often when two people become partners, one of them ends up doing more work for the business than the other. How can you split the partnership income so each person still gets […]
Today TaxMama® hears from Lara in the TaxQuips Forum who is helping get a partnership out of trouble. As it happens, this seems to be the week for questions from tax pros about the penalties IRS imposes on late-filed partnership tax returns. So let’s talk about those.
Today TaxMama hears from Allison who’s a bookkeeper in Angola, IN. She says, “I do the bookkeeping for 3 partners. They get paid by the mile for work they do and they split the money they make evenly each week. They want to be paid as employees so they don’t have to make estimated tax […]