On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015 (“the Act“), which will change the way partnership examinations are conducted by the IRS.
Besides creating consistency in the treatment of partnership items and easing an administrative burden that currently exists in the way partnership audits are handled, these changes were intended by Congress to be a revenue raiser. This is because they will allow the IRS to examine a significantly larger number of partnerships and more efficiently collect revenue that results from audit adjustments.
If you currently own, or are thinking of acquiring, an interest in a partnership or limited liability company, now may be a good time to review your operating agreement. A review can ensure that your operating agreement reflects any updates desired ...Read More @ Cherry Bekaert