New Partnership Tax Audit Rules To Go Into Effect on January 1, 2018

Beginning on January 1, 2018, the tax audits of a partnership or multiple-member LLC are subject to new rules (the “new partnership tax audit rules”). The new partnership tax audit rules streamline the audit and collection process when the tax return of a partnership or multiple-member LLC is reviewed by the IRS (and some states).

The implementation of the new partnership tax audit rules will require changes to most partnership agreements and LLC operating agreements currently in effect – taking no action in response to the new rules is not a valid option.

Click here for an overview of the new tax audit rules.