Business Taxes, Operating Agreements

Part 1: Pulling Back the Cloak on Phantom Equity in Private Companies: Issues for Majority Owners to Consider in Incentivizing Key...

Bradley Arant Boult Cummings LLP on 7/25/2022

In the private company context, high-performers, senior executives and other vital employees are a company’s lifeblood. It is therefore critically important to retain these top performers, which often requires that the...more

LLC Operating Agreements And Partnership Agreements Should Be Amended To Address New Law

Buckingham, Doolittle & Burroughs, LLC on 6/27/2019

If you signed an LLC operating or partnership agreement prior to January 1, 2018, it may need to be amended to accommodate a significant new rule regarding taxation of partnerships. Effective for tax years beginning after...more

Don’t Forget to Update Your Operating Agreement for Partnership Audit Rule Changes

Burr & Forman on 2/19/2019

The Bipartisan Budget Act of 2015 enacted sweeping changes to the federal audit regime for entities taxed as partnerships. The new audit rules became effective for tax years beginning on or after January 1, 2018. For tax...more

Lawyers on Tap: Tap Tips for Entity Formation and Taxation

Verrill on 5/8/2018

In this episode of Verrill Voices: Lawyers on Tap, Verrill Dana attorneys Jennifer Green and Jonathan Dunitz discuss the importance of entity formation to the overall success of a brewery business, and the differences between...more

Partnership Audit Rules Have Changed Under New Tax Law

Jaburg Wilk on 2/15/2018

Congress enacted the Bipartisan Budget Act of 2015 (“BBA”) under which existing partnership audit rules have been replaced. The new BBA audit rules are broad and complex and effective for partnership tax returns filed for tax...more

The New Partnership Audit Rules Are Coming, Have You Checked Your Operating Agreement?

Dickinson Wright on 2/27/2017

At the end of 2015, the Bipartisan Budget Act of 2015, as amended (the “BBA”), was enacted into law, and will be effective for tax years beginning after 2017. Under the BBA, the rules relating to the audit of partnership tax...more

Comprehensive Partnership Audit Reform Requires Amendments To Partnership (and LLC Operating) Agreements

Kilpatrick Townsend & Stockton LLP on 12/23/2015

Congress has recently scrapped the existing procedures for IRS audits of partnerships. The new rules (the “BBA Audit Rules”1) are effective for partnership taxable years beginning on or after January 1, 2018. A partnership...more

Business Taxes › Operating Agreements