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Phil Jelsma Discusses Recent Changes in LLC Auditing Rules
A recent GlobeSt.com article highlights the impact of recent changes in LLC auditing legislation. Specifically, last month, President Obama signed HR 1314, the Bipartisan Budget Act of 2015, a comprehensive bill which—among other things—significantly alters the way partnerships and limited liability companies are audited and taxed by the IRS.
In the article, CGS3’s Phil Jelsma discusses how the new rules make it easier for the IRS to audit large partnerships and LLCs. He also explains how existing partnerships and operating agreements may need to be examined and revised in order to sufficiently incorporate the new rules. He reviews one of the largest concerns being that previous liability may be transferrable to current partners.