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On January 1, 2018, new IRS regulations are set to go into effect which will have consequences for both limited liability companies (LLCs) and partnerships.  A well-structured entity reaps many benefits – liability protection, tax savings and asset protection among them – so attention to the evolution of the centralized partnership audit regime is critical.

In this first part of a series, CGS3 partner and tax chair Phil Jelsma gives an overview of the breadth and depth of the IRS’ proposed regulations, which were reissued on June 14, 2017 (REG-136118-15). The remainder of the series will examine aspects and consequences of the rules in more detail.

Read the full article from the Los Angeles Daily Journal here or from the San Diego Daily Transcript here.