If you are in a partnership or a Limited Liability Company (LLC) that files as a partnership, the beneficial “protection” against the consequences of a tax audit you have enjoyed for decades may be coming to an end. A new Centralized Partnership Audit program created by Congress and managed by the IRS goes into effect on January 1, 2018. This program is designed to bring about more widespread collection of taxes from certain partnerships for tax years beginning after 2017. However, there is an opportunity for many partnerships to “opt out” of the Centralized Partnership Audit program. But only if you meet certain requirements by January 1 – just a few weeks away. Gray, Gray & Gray Tax Partner Emeritus Mike Koppel is ready to help you gain a better understanding of the program and the requirements for opting out.
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