The SBA has finally issued a formal updated Q&A regarding gross income for sole proprietors and partnerships. In a March 12, 2021 release, they specify that only Schedule F’s filed on Form 1040 will ...

Partnerships are not subject to income tax at the entity level. Instead, they operate as pass-through entities, meaning the ...

Taxpayers often use entities characterized as partnerships for federal income tax purposes to conduct their business activities. In addition to offering limited liability (e.g., limited liability ...