There are well over 4 million partnerships in America, a business configuration that makes it possible for the nearly 30 million partners who own them to provide consumers with goods and services, hire more workers and contribute to the prosperity of our nation. In fact, a new study from the Small Business & Entrepreneurship Council shows that partnerships in the core living expenditures sector contributed $1.3 trillion to our nation’s GDP in 2023.
But new IRS efforts targeting partnerships could put a damper on this powerful segment of the U.S. economy, leaving many business partnership participants worried that they could be in the IRS’ crosshairs no matter what their incomes are.
This enforcement push comes amid ongoing efforts to change the rules on partnerships. In 2021, Oregon Senator Ron Wyden proposed legislation that would amend the tax code to restrict the flexibility…
