Tax Alert: Operating Agreements Must be Revised to Deal with New IRS Audit Powers

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The new IRS audit procedures for partnerships (and limited liability companies taxed as partnerships) are now in effect for tax years that begin on or after January 1, 2018. The new procedures are designed strictly to help the IRS when it audits partnerships and LLCs. Legal protections that previously benefited LLC members, such as notice…

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POSTED IN: Corporate & Business, News, Tax Law