In the past partnerships and limited liability companies that have elected to be taxed as partnerships[1] have rarely faced an Internal Revenue Service (“IRS”) audit. In part, this is because of the administrative burden faced by the IRS in attempting to collect tax resulting from partnership audit adjustments. The current partnership audit scheme requires partnership audit adjustments to flow through to the partners and requires separate collection actions against each individual partner. Continue reading “Review Of Partnership And LLC Operating Agreements Needed Prior To January 1, 2018”