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Dec 14, 2024
10:47
:05
am
Acorn
All-American
Partnership agreement can be amended. Both are subject to identical self
employment taxes based on their incomes. Those are the easy parts of the situation.
This message has been modified
Originally posted on Dec 14, 2024 at 10:47:05am
Message modified by Acorn on Dec 14, 2024 at 11:28:18am
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Acorn
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Acorn
Joined
Nov 25, 2004
Last login
Dec 14, 2024
Total posts
19,646 (2,456 FO)
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Messages
Author
Time
Tax question I don’t know the answer for and not sure where to look
Acorn
9:15am
You know that you’re the guy we turn to with these types of questions, right?
TwinsRight
9:16am
Love to help people but this one is a bit out of my range. Tricky question that
Acorn
10:37am
I don’t see what the problem would be but would ask an accountant ultimately.
bluecougar1985
9:19am
What does the partnership agreement say? Also have to consider self employment
Chester Copperpot
9:19am
This
Taxrulz
10:18am
Partnership agreement can be amended. Both are subject to identical self
Acorn
10:47am
They might not be subject to the same SE taxes based on the wages of the
Chester Copperpot
11:52am
This isn’t my first rodeo. Thanks for the second paragraph.
Acorn
1:20pm
You can have shifting allocations in an LLC (partnership). Like mentioned, what
JB2JH
9:26am
If the individual receiving the additional income is also going to receive
JB2JH
9:33am
Agree. Partnership can allocate as they wish but it needs to reflect the actual
citron
9:40am
This can be covered based on reported time spent time spent
Acorn
10:35am
Are you saying the lower tax bracket partner would receive the taxable income
JB2JH
10:53am
You can if you want to spend some time in Sing Sing.
TeeKaa
11:09am
I didn’t ask him how they would true up the balance. The only way I could think
Acorn
1:14pm
Only 50k? Pretty small $ to be messing around with special allocations and
citron
12:14pm
Understood. They’re bootstrapping everything right now and if they could save
Acorn
1:23pm
Great stuff. Thanks for the link. I will read it.
Acorn
10:44am
Yes the IRS cares about allocations
TeeKaa
9:53am
This is good advice
Taxrulz
10:23am
Exactly. From this slightly above average run of the mill CPA…me
Acorn
10:43am
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