September 12, 2023
Bloomberg Tax published an article from Marcum’s Michael D’Addio on the impacts of the IRS’s changes to how partnership liabilities are categorized and reported.
Bloomberg Tax
By Michael D'Addio, Principal, Tax & Business Services
Excerpt:
This potential change in reporting requirements aims to give partners more detailed insights into their possible obligations relating to the partnership’s liabilities that support the allocation of recourse debt. This could galvanize partners who receive K-1s to contest the partnership if they perceive these economic responsibilities as erroneously calculated.
