Month: October 2017

New Partnership Audit Rules Require the Amendment of Existing Partnership Agreements and Operating Agreements to Avoid Future Adverse Economic Results for Partners

October 16, 2017

Practice Alert By: Jonathan Christianson and Brian Bowen October 2017 Under existing law, except for small partnerships, Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) partnership audits of partnerships and limited liability companies that file as partnerships (“Partnership Entities”) occur at the partnership level, but the income tax due is assessed and collected at…

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