Partnerships

Navigating the complexity of partnership tax

The benefits of a business partnership are many, including limited liability combined with flexibility in the way income, deductions and distributions are shared among partners. The flexibility of partnerships creates complexities in application of tax laws. That’s where we come in.

Our professionals bring consulting, formation and operational knowledge to help you effectively navigate all aspects of partnership tax by implementing tailor-made solutions for your business. The result? Economic and tax benefits for all partners.

GUIDE

What’s old is new: Tax planning for businesses heading into 2024

The start of the new year is an ideal time to assess business plans and identify key tax planning considerations. Grant Thornton’s tax guide can help.

How we can help you

Our Partnership Tax team tackles challenges alongside you, designing fresh solutions with a balance of scale, skill and service you’ll only find here.

End-to-end Partnership Tax Services

Our highly skilled partnership tax services professionals provide tax compliance and tax consulting support through the lifecycle of... Show more your operating partnership – from formation to liquidation – helping you navigate the evolving tax landscape and deliver on what matters most to your partners. We can assist you with annual maintenance of tax and Section 704(b) capital and tax basis balance sheets, consider the tax implications of business and transactional events occurring inside the partnership, tax implications of equity transactions, as well as annual income tax compliance needs.

Partnership Transaction Advisory

In an ever-changing business environment, our technical business advisors provide clients, structured as partnerships, with complex... Show more capital account maintenance needs. Our guidance on structuring, planning and proactive modeling includes advice on acquisitions, divestitures, mergers, divisions, step-up computations, liquidation analysis, unit/interest compensation planning and much more. Our technical resources can address complex tax compliance needs, assist boards with meeting requirements and provide analysis for informed business decisions on forward-looking matters.

Financial Services Partnership Tax Solutions

Our partnership tax services professionals provide tax compliance and tax consulting support through the lifecycle of your financial... Show more services partnership entities. Today's complex financial services landscape require a team with a unique skillset to support from formation to liquidation. Our team is prepared to help you efficiently and effectively navigate the complex demands of your partners.

Bipartisan Budget Act

The Bipartisan Budget Act of 2015 (BBA) ushered in a new era for tax partnerships by creating a new centralized partnership regime... Show more for IRS audits of partnerships and for partnership-initiated corrections to previously filed returns. The BBA-centralized partnership regime has added significant complexity to both examinations and the amended return process, including allowing the IRS to audit partnerships more easily. Our team of tax professionals help partnerships navigate the complex BBA rules and IRS examinations, helping navigate the procedures for adjusting previously filed returns.

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