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Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: SeattleCPA on January 26, 2018, 12:39:53 PM

Title: Does your partnership need to update partnership agreement for new tax law?
Post by: SeattleCPA on January 26, 2018, 12:39:53 PM

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.