New IRS Regulations Impact LLCs and Partnerships – Part 1: Overview
On January 1, 2018, new IRS regulations are set to go into effect which will have consequences for both limited liability companies (LLCs) and partnerships. A well-structured entity reaps many benefits – liability protection, tax savings and asset protection among them – so attention to the evolution of the centralized partnership audit regime is critical.
In this first part of a series, CGS3 partner and tax chair Phil Jelsma gives an overview of the breadth and depth of the IRS’ proposed regulations, which were reissued on June 14, 2017 (REG-136118-15). The remainder of the series will examine aspects and consequences of the rules in more detail.