Fifth Circuit Revises Standard for “Limited Partner” Status Under Self-Employment Tax Rules

The US Court of Appeals for the Fifth Circuit has issued a revised opinion in Sirius Solutions, L.L.L.P. v. Commissioner of Internal Revenue (No. 24-60240), holding that a “limited partner” for purposes of Section 1402(a)(13) of the tax code is a partner who does not assume a significant role in managing or operating a business. […]