Federal Tax Update: State Law Limited Partners and Self Employment Tax

FICPA Podcasts

https://vimeo.com/890861625?share=copy

https://www.currentfederaltaxdevelopments.com/podcasts/2023/12/3/2023-12-04-state-law-limited-partners-and-self-employment-tax

This week we look at:

• FinCEN finalizes extension of due date for initial BOI reports for entities created in 2024
• Tax Court rules that a state law limited partner is not automatically covered by IRC §1402(a)(13) self-employment tax exemption
• OPR due diligence alert on FBAR
• Annual business MeF shutdown date announced
• IRS denies request for automatic accounting method change late election relief
• Tax Court finds that if date to file a Tax Court petition falls on a date that the clerk’s office is inaccessible, the taxpayer qualifies for extended filing relief even though electronic option had been available on the due date