If your business is a partnership or an LLC taxed as a partnership, you need to read this article.
A few years ago, Congress changed the procedures for how the IRS makes changes in a partnership audit. The new procedures are now in effect for partnerships filing 2018 tax returns.
As with any changes to the tax law, watch your wallet: these new procedures can lead to more tax paid to Uncle Sam in an audit compared to the old system.
There are escape hatches your partnership can use to avoid a big tax hit in an audit. We’ll give you all the details when you read the article. ... Log in to view full article.