WATCH: Partnership audit rules 101

Major changes coming down the pike in 2018 fundamentally change how partnership audits are performed, and as a result all partnerships and most LLCs need to amend their partnership agreements.

In this video, tax attorney Dave Ebersole gives a brief overview of the new IRS partnership audit rules and answers some FAQs about the new audit rules, including:

  • What exactly is changing with the new partnership audit rules?
  • What is happening to the tax matters partner role?
  • How much authority will the new partnership representative have?
  • What can my business do to prepare for the new partnership audit rules?
  • What happens if you do not amend your partnership or operating agreement?
  • What partnerships or LLCs do these rules apply to?