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ARTICLE · 20 NOVEMBER 2017

Partnerships: Get Ready For New Audit Rules

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For partnerships, including limited liability companies taxed as partnerships, new audit rules are a game-changer.

United StatesAccounting and Audit
Anita Wescott
Anita Wescott
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For partnerships, including limited liability companies taxed as partnerships, new audit rules are a game-changer. The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. The changes are not merely procedural and they substantially alter the taxation of partnerships by effectively imposing entity taxes on partnerships.

There is plenty of time to prepare for the new rules, but you should begin thinking about how they will affect you. If you are contemplating a new business venture that will be taxed as a partnership, it is a good idea to address the new rules in your partnership or operating agreement.

Tax on All Partnerships

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