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(EMAILWIRE.COM, July 22, 2013 ) San Francisco, CA -- Congress let some firms and companies organized as partnerships defer income from forgiven debts in 2009 and 2010, and the final rules just came out for those paying out taxes for next year. Good news for company accountants is, the tax amounts stay the same, and the accounting wonÂ’t be as complicated as anticipated.
According to Michael Grace, a lawyer with Whiteford, Taylor & Preston LLP, the rules “should prove to be music to tax accountants’ ears without dissonance”.
These rules make a big impact, with some 3.2 million partnerships in the United States, including private equities, real estate investors, and hedge funds. These types of companies have been waiting for the IRS to finalize the accounting because taxpayers will start including their incomes after these deferrals for the 2015 tax calendar year.
During the recession, the deferrals saved a lot of pain because standard of practice would have forced partners to report higher income than they had actually received as part of the cancellation of debt, and then pay taxes on that income to which they didnÂ’t have real cash or assets for.
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Source: EmailWire.com
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