Partnerships: Are you ready for the new IRS audit rules?

Description

Abstract: It’s critical for partnerships, including limited liability companies taxed as partnerships, to consider the potential impact of “centralized audit” rules that are now in force. This article outlines steps you can take before an IRS audit to minimize the burden. This includes opting out of the new rules (if eligible), amending your partnership agreement and appointing an appropriate “partnership representative.” A sidebar discusses the procedure for “opting out” of the rules.