by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
Retirement plans allow employers to provide tax‑favored savings for employees. Common small‑business plans include SEP IRAs, SIMPLE IRAs, SIMPLE 401(k)s, and qualified plans. Each plan has its own contribution rules, deadlines, and eligibility requirements. Common...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A partner may dispose of an interest through a sale, exchange, withdrawal, retirement, or at death. The tax result depends on the type of assets inside the partnership and whether the partner is relieved of liabilities. Sale or Exchange of a Partnership Interest The...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
Partnership distributions fall into two categories: current distributions and liquidating distributions. A current distribution provides money or property to a continuing partner. A liquidating distribution ends the partner’s entire interest, either through one...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
Certain partnership assets produce ordinary income when sold or exchanged. These assets are known as hot assets and include unrealized receivables and inventory. When a partner sells a partnership interest, receives certain retirement payments, or receives a...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
A partner’s outside basis is the tax basis in their partnership interest. It begins with the adjusted basis of contributed property plus cash and includes the partner’s share of partnership liabilities. Outside basis determines loss limits, distribution treatment, and...
