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?