Partnerships are not subject to income tax at the entity level. Instead, they operate as pass-through entities, meaning the ...

A partnership is the fastest-growing form of operating a business in America. Partnerships offer much flexibility in tax reporting. The most significant element of this flexibility is the partners’ ...

The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income.

If you're filing income tax for the Assessment Year 2025–26 as a Limited Liability Partnership (LLP), partnership firm, or Association of Persons (AOP), it's crucial to understand the changes in the ...