Tax Alert: Partnership Audit Rules are Changing Part I

If you are a member of a partnership or LLC taxed as a partnership, you should take note of recent changes to the partnership audit rules. Last winter, Congress passed the Bipartisan Budget Act of 2015 (the “BBA”) which repealed the partnership audit and litigation rules under the Tax Equity and Fiscal Responsibility Act of […]

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Tax Alert: Partnership Audit Rules are Changing Part II

Our last post talked about the changes that the Bipartisan Budget Act of 2015 (the “BBA”) made to the partnership audit rules.  As we mentioned, these rules affect all partnerships, including LLCs taxed as partnerships.  Luckily, Congress did include some relief for certain partnerships from the new rules. How can you opt out? A partnership […]

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