News & Analysis as of

Audits LLC Agreements

Davis Wright Tremaine LLP

Sweeping Changes to Partnership Audit Rules Warrant Changes to Existing Partnership and LLC Agreements

Sweeping changes to the rules governing federal income tax audits of partnerships went into effect this year. The new partnership audit rules (the “New Audit Rules”) apply for partnership tax returns for taxable years...more

Bond Schoeneck & King PLLC

New Partnership Audit Rules are Effective This Year: Does Your LLC Operating Agreement or Partnership Agreement Need to be...

You have a great relationship with your partners, but would you want to pay for your retiring partners’ income taxes? Most partners would not. Without providing clear direction in your LLC operating agreement or partnership...more

Winstead PC

New IRS Audit Rules: Partnerships and LLCs Should Name A Partnership Representative For IRS Audits

Winstead PC on

New legislation will govern IRS audits of partnerships and LLCs for tax years beginning after December 31, 2017. The new rules will affect both existing LLCs and partnerships as well as new partnership and LLC agreements,...more

McDermott Will & Emery

New Partnership Audit Rules Impact Both Existing and New Partnership and LLC Operating Agreements

McDermott Will & Emery on

On November 2, 2015, President Barack Obama signed the Bipartisan Budget Act of 2015 (the Act) into law, instituting for tax years commencing after 2017 significant changes to the rules governing federal tax audits of...more

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