New Tax Rules Mean It’s Time to Update LLC and Partnership Agreements
Please note: Throughout this article, reference to “partnerships” includes LLC’s taxed as partnerships, and reference to “partners” includes members of LLC’s taxed as partnerships.
For tax years 2018 and beyond, the IRS will begin implementing new audit rules directed at partnerships as part of the Bipartisan Budget Act of 2015. A primary purpose of the new audit rules is for the IRS to be able to more effectively collect tax deficiencies from partnerships. The…