News & Analysis as of

Operating Agreements › Partnerships › TEFRA

Obermayer Rebmann Maxwell & Hippel LLP

Early New Year’s Resolution: Update Partnership and LLC Agreements to Comply with New IRS Audit Rules

Obermayer Rebmann Maxwell & Hippel LLP on

In 2015, Congress repealed the complex and heavily criticized Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) partnership-level audit rules which apply to partnerships and most LLCs. The new audit rules, which...more

Partridge Snow & Hahn LLP

Holding the Bag: Update Your Operating Agreement or Face the Tax Consequences

Partridge Snow & Hahn LLP on

New Law – Direct Assessment of LLC Tax Liability - The Tax Equity and Fiscal Responsibility Act (“TEFRA”) has governed the procedures for auditing partnerships since 1982. Under TEFRA, if the IRS audited an LLC taxed as a...more

Holland & Knight LLP

New Audit Rules Require Changes to Partnership and LLC Operating Agreements

Holland & Knight LLP on

The Bipartisan Budget Act of 2015 (P.L. 114-74) includes a complete overhaul of the procedures that apply to Internal Revenue Service (IRS) audits of partnerships, including limited liability companies (LLCs) taxed as...more

3 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide