Partnerships are not subject to income tax at the entity level. Instead, they operate as pass-through entities, meaning the partnership’s income, deductions and credits flow directly to the individual ...

Taxpayers often use entities characterized as partnerships for federal income tax purposes to conduct their business activities. In addition to offering limited liability (e.g., limited liability ...

The Internal Revenue Service has been stepping up its audits of large partnerships lately, but partnerships have some ways to correct errors on the returns they've already filed to help them avoid ...