06307c923b6d55e6e3d84d1ea499cf08

【US Tax】US: IRS takes measures against basis-shifting by large partnerships

The US Internal Revenue Department (IRS) has announced a series of measures against 'abusive' basis-shifting transactions by related-party partnerships. It has also released new guidance to stop large partnerships using sophisticated tax-free transactions that lack economic substance.

Basis-shifting schemes transfer assets from one entity to another affiliated entity, typically a pass-through entity not subject to corporate taxation, thereby lowering effective tax rates and securing extra tax deductions. The IRS says tax filings for large pass-through entities have trebled to 300,000 in the ten years to 2019.

Link：【US IRS 2024/6/17】

  • US: Statute of limitations for sanctions violations is doubled to ten years

International Tax| related

  • 【US Tax】US: Statute of limitations for sanctions violations is doubled to ten years

  • 【US Tax】Tax credits for individuals: What they are and how they can benefit taxpayers

  • 【US Tax】US: IRS will increase audits of large corporations, complex partnerships and high earners

  • 【US Tax】ETHICS AND STANDARDS: Accountants given revised tax planning ethics code

  • 【US Tax】US: Customer identification requirements coming for investment advisors

  • 【US Tax】Deductions for individuals: The difference between standard and itemized deductions and what they mean

Info wall

Monthly Hots