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5 Red Flags of License Royalty Payment Problems

Articles, Featured Events, General, News, News & Events, Royalty Examinations, Tax Strategy & Compliance, Tax Tips / By Gray, Gray & Gray, LLP

By Kevin F. HowleyGray, Gray & Gray, LLP If you are a licensor of intellectual property, royalty payments are at the core of the value of your business. Your investment of time, talent and capital is repaid in installments from licensees. They are not sharing in their success, but fulfilling their end of a business […]

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New IRS Partnership Audit Rules

Articles, Auditing & Accounting, Featured Events, General, News, News & Events, Tax Strategy & Compliance, Tax Tips / By Gray, Gray & Gray, LLP

The Bipartisan Budget Act of 2015 (BBA) included a provision which created new partnership audit rules. It is important to recognize that partnerships (including LLCs taxed as a partnership) will be subject to these new rules for years beginning on or after January 1, 2018. The reason Congress passed the new rules are pretty simple:

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