The New Partnership Audit Regime’s Time Has Come

Lou Vlahos:  “Beginning 2018, the IRS is authorized to collect from a partnership any tax deficiencies arising out of the partnership’s operations for a taxable year, even if the persons who were partners in the year to which the deficiency relates are no longer partners in the year that the deficiency is assessed.  Stated differently, the current-year partners will bear the economic burden of the tax liability even though the tax adjustments relate to a prior year in which the composition of the partnership may have been different.  How did we get to this, and what should [LLCs taxed as] partnerships and their partners be doing about it?

By | 2017-11-04T10:57:45+00:00 October 30th, 2017|New Tax Audit Rules|

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