White Paper

25 Pages
  • 25 Pages

Tax Issues with FLPs


Questions arise regarding adverse tax consequences.

FLPs and LLCs that do not elect out of partnership reporting generally follow same reporting as other partnerships for federal income tax purposes, including filing a partnership return, federal form 1065 each year. Partnership items are separately stated, to reflect their different character, when allocated to each partner/member’s personal income tax return. On the other hand, there are a number of special rules that may be triggered. This white paper reviews these rules and discusses tax challenges and IRS audit techniques for FLPs.



Cameron L. Hess, Esq., CPA, MBT

Cameron L. Hess, Esq., CPA, MBT

Wagner Kirkman Blaine Klomparens & Youmans LLP

  • Partner with the Northern California law firm of Wagner Kirkman Blaine Klomparens & Youmans LLP
  • Business, real estate, estate planning and federal and state tax attorney (emphasis: real estate, IT, closely held businesses)
  • Chair Corporate and Pass through Entities Committee of the California Lawyers Association Tax Section; past member Business Law Section’s Committee of the same name
  • Adjunct professor at McGeorge School of Law (Partnership Taxation)
  • More than 35 years of experience
  • Chair, The RED Group, a CalCPA Sacramento Real Estate think tank, 26-years
  • Committee member/past chair CalCPA Ed Foundation Tax Conference (and prior Real Estate Conference), 17-years
  • California Apartment Association – Sacramento Valley (government relations/past president)
  • National speaker on tax law
  • Prior: KPMG Lost Angeles Office State and Local Tax Practice (manager)
  • Spidells California Taxletter, past columnist, continuing contributing writer

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