Accounting for partnerships vs corporations involves the same basic steps. Both must track revenue and expenses, file payroll reports if they have employees, account for inventory, pay property taxes ...

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.

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 ...

The AICPA issued a technical question and answer (TQA) Thursday to help financial statement preparers account for the amount a partnership pays the IRS for previous underpayments of tax, interest, and ...

Even if accounting isn’t your forte, it’s important to understand accounting basics to run your business. Learn 11 tips for small business accounting.

Individual partners of partnerships and individual shareholders of S corps are now eligible for a business tax account, according to the Internal Revenue Service, joining sole proprietors. Processing ...

Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first ...

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The Internal Revenue Service has issued a notice waiving tax penalties for certain partnerships that file K-1 schedules failing to report information about the partners’ negative tax basis capital ...