Author Topic: Does your partnership need to update partnership agreement for new tax law?  (Read 335 times)

SeattleCPA

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OK, a reminder or comment to anyone who is partner in a partnership or a member in an LLC treated as a partnership.

The new tax law's Sec. 199A deduction doesn't work on "guaranteed payments"... accordingly, if you're a partner or LLC member in an entity that makes guaranteed payments, you want to look at redoing your partnership agreement or LLC operating agreement immediately.