On Thursday, the IRS released an early draft of the instructions for Form 1065, U.S. Return of Partnership Income (IR-2020-240). The IRS is accepting comments on the draft instructions for 30 days and ...

Explore the differences between current and capital accounts and how they affect a nation's net income and asset-liability balance.

Regardless of the type of company you run, the same basic accounting equation applies: The value of your company's assets is equal to its total liabilities plus the owners' equity in the firm.

In their Real Estate Financing column, Ezra Dyckman and Charles Nelson discuss the new 2020 partnership tax basis capital account reporting requirements which "give the IRS much more visibility into ...

Notice 2019-66 provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 (for partnership taxable years beginning in ...

What Is Law Firm Capital? Capital in a law firm is the sum of the individual equity accounts each partner has in that law firm. This equity has little to do with the true value of the firm. This is ...