Niki Doctor

About Niki Doctor

Niki is a Partner at Bregante + Company LLP, providing tax, accounting and consulting services to closely held businesses and high net worth individuals throughout the greater San Francisco Bay Area.

New Partnership Audit Rules

Beginning in 2018, The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) was repealed and replaced with a new partnership audit regime in which taxes and penalties due as a result of a partnership audit are assessed at the partnership level, rather than individually at the partner level. Some small partnerships (100 or fewer eligible partners) may have the option to elect out.  The IRS has issued regulations to assist taxpayers in implementing these new rules.

 

  • Many partnerships and limited liability companies will find it necessary or desirable to amend their partnership or operating agreement in response to the new rules. The familiar role of “tax matters partner” is replaced by a new, more comprehensive role of “partnership representative,” who is not required to be a partner.  The partnership […]
By |February 17th, 2019|Categories: BCo Community News|Comments Off on New Partnership Audit Rules

Travel Time Can Count for Real Estate Professional 750-Hour Test

In a recent Tax Court decision, the court held that Ellen P. O’Neill’s time incurred while travelling to her rental properties to perform various tasks could be used as a way to prove her 750-hour threshold to qualify as a real estate professional. The ruling in this case contradict Truskowsky, a prior Tax Court case in which the court refused to count travel time because it represents commuting that “is an inherently personal activity and as such does not constitute ‘work’ in connection with a trade or business.” The Court noted that the taxpayer was aware of the record-keeping requirements to establish real estate professional status and found she provided detailed, accurate, day-to-day explanations of the specific activities in which she engaged. Based on this […]

By |August 1st, 2015|Categories: Business Operations, Business Tax, Individual Tax, IRS, Real Estate|Tags: , , , , , , , |Comments Off on Travel Time Can Count for Real Estate Professional 750-Hour Test