Featured Video

Video Insight

October 2017

Who should I pick for my partnership representative? New IRS audit rules, effective January 1, 2018, require your business to name a partnership representative. (This partnership representative replaces the old tax matters partner.) In this video, tax attorney Michelle Gearity offers tips on who to pick as your partnership representative.
Why do I need to amend my partnership or LLC agreement now? Even though the new IRS audit rules don’t go into effect until January 1, 2018, tax attorney Michelle Gearity explains why it’s in your best interest to act now and amend your partnership agreement or LLC operating agreement.
Death of the Tax Matters Partner: What Owners of Partnerships and LLCs Need to Know About New Rules New partnership audit rules effective January 1, 2018, will mean the end to the familiar tax matters partner role. Instead, partnerships and LLCs need to plan to select a partnership representative. In this Business Hour, we will cover the new partnership representative role and explain what happens if you don’t amend your partnership or LLC agreement in response to the new audit rules. TOPICS What is a partnership representative? Partnership and LLC audits will increase – what can you do? What does it mean to “elect in” or “elect out”? What happens if you don’t amend your partnership or LLC agreement? What is your legal liability?
Liability mismatch: Who is liable if a partnership is audited? The IRS' new partnership audit rules centralize the assessment and collection of tax at the partnership entity level - and for the current partner group, this creates a liability mismatch. In this video, tax attorney Dave Ebersole explains who is liable if a partnership is audited, how to protect yourself in the case of an audit, and what action to take - now.
Death of the tax matters partner Like the VCR and the cassette tape, the tax matters partner will soon be obsolete. In this video, tax attorney Michelle Gearity explains how the new partnership representative replaces the old tax matters partner, key differences between the roles, and what happens if you don't select a partnership representative.
Meet Joshua Gadharf Meet Joshua Gadharf, a member in the Business Department in our Detroit office.
Meet William Beckley Meet William Beckley, an associate in the Litigation Department in our Columbus office.
SEE MORE

Meet your attorneys and professionals and catch up on the latest legal and business video insight from McDonald Hopkins. Interested in watching the live broadcasts of our events? Click here.

+