New Partnership Tax Audit Rules

Alan Kornstein speaks on the topic of New Partnership Tax Audit Rules at the monthly meeting of the Tax, Trusts & Estates Committee of the Essex County Bar Association. The new rules, which go into effect for taxable years beginning in 2018, will fundamentally change the manner in which the IRS conducts federal income tax audits of partnerships (including LLCs classified as partnerships). Alan’s presentation will provide an overview of the new regime, with particular emphasis on the preparation of partnership agreements and the structuring of acquisitions of partnership interests. The meeting took place at the offices of Orloff, Lowenbach, Stifelman & Siegel, P.A. in Roseland.