Job Description
My business partner and I are setting up a new company, and I want to make sure I'm protected on the tax side.
We're forming a Texas LLLP. My partner is in Austin, TX, and I'm in Florida
There will be GP LLC that holds 1% and each of us holds 49.5% as limited partners. Based on the recent Sirius Solutions ruling, we want to treat our share of profits as exempt from self-employment tax because we're limited partners.
Here's my concern — that ruling is binding in Texas but not in Florida. The business is headquartered in Texas, which should help keep any disputes with the LLLP in Texas, but I want to be covered in case the IRS decides to come after me personally on my individual return.
What I need is a formal opinion letter that says our tax position is correct (or more likely than not correct). I've been told that having this on file before we start filing returns would protect me from penalties if I ever get audited.
Is this something you can help with? What would it co...
We're forming a Texas LLLP. My partner is in Austin, TX, and I'm in Florida
There will be GP LLC that holds 1% and each of us holds 49.5% as limited partners. Based on the recent Sirius Solutions ruling, we want to treat our share of profits as exempt from self-employment tax because we're limited partners.
Here's my concern — that ruling is binding in Texas but not in Florida. The business is headquartered in Texas, which should help keep any disputes with the LLLP in Texas, but I want to be covered in case the IRS decides to come after me personally on my individual return.
What I need is a formal opinion letter that says our tax position is correct (or more likely than not correct). I've been told that having this on file before we start filing returns would protect me from penalties if I ever get audited.
Is this something you can help with? What would it co...
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