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Review Of Partnership And LLC Operating Agreements Needed Prior To January 1, 2018

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…

Good and Bad News for Non-residents owing New York Real Estate

The New York Department of Taxation has issued two new tax advisory opinions that have a significant impact on taxpayers who are non-residents of New York State. We have previously posted information for non-residents. See Ryan Emery’s posts of April 21, 2015 and March 19, 2014. This blog reports on very recent developments based on…