Dykema Gossett PLLC, Jeffrey A. Goldman, Steven E. Grob, Anthony Ilardi, Jr., William C. Lentine and Robert W. Nelson: “On November 2, President Obama signed the Bipartisan Budget Act of 2015 (the “Act”), which significantly changes the procedures for tax audits of partnerships. . . . The sweeping changes in the realm of partnership tax audits will likely require revisions to most partnership agreements and new considerations when entering or leaving a partnership.”

See the end of the article for a list of changes to make to operating agreements and partnership agreements.

Related posts:

  1. Bipartisan Budget Act of 2015 Revamps Partnership Tax Audit and Collection Procedures
  2. Bipartisan Budget Act of 2015 Introduces New Partnership IRS Audit Rules
  3. Partnership Audit Reform: New Partnership-level Tax Impacts Partnerships & LLCs
  4. Budget Act Creates New Partnership Tax Audit Regime
  5. Partnership Audit Reform Passed into Law