Certain partnerships with 100 or fewer eligible partners may affirmatively elect out of the new partnership audit provisions and instead, apply the previous audit rules. To do this, the partnership may make an annual “opt-out” election with their timely filed tax return (Form 1065).
In this article published June 29th, Timothy M. Todd, a Forbes contributor, breaks-down the new partnership audit rules and what they mean for you.
To read the article, please visit New Partnership Audit Rules Back On Track on the Forbes website.
As a Director of the Tax Department at Ellin & Tucker, Dan Thrailkill specializes in providing various tax services to a wide variety of privately held businesses with operation in the construction, investment partnerships, manufacturing, professional service, real estate technology and wholesale distribution industries. His extensive expertise and inside knowledge of privately owned companies enable him to provide the highest level of practical and technical tax compliance and consultation. He can be reached at email@example.com.