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New IRS Audit Rules Come to California Partnerships
Earlier this summer, the IRS finalized its rules on partnership audits (which became effective January 1, 2018), and on September 23rd, Governor Brown signed SB 274 conforming California state law with the federal rules. As a consequence, many existing partnerships and limited liability companies (LLCs) are bracing themselves for what may be major changes.
In his latest article in a series on the sweeping tax changes of 2018, CGS3 partner Phil Jelsma offers a look into the implications of the rules for both partnerships and LLCs – as well as key concerns that entities need to carefully consider when revising their operating or LLC agreements.
Read the full article from the Los Angeles Daily Journal here or from the San Diego Daily Transcript here.