New Audit Rules for Partnerships and LLCs Taxed as Partnerships

Congress recently enacted significant changes to partnership audit and adjustment rules known as the Centralized Partnership Audit Regime (CPAR).   These new rules are in place effective tax years beginning January 1, 2018 and affect all taxpayers who conduct business through partnerships now and in the future.   This is time sensitive as steps must be taken prior to the due date of the partnership tax return.   For guidance on how to navigate these complex partnership audit procedures, contact Adam E. Panek, CPA at 315.701.6328, or [email protected].