Client Alert: New Partnership Representative Rules: Considerations in Amending Existing Agreements

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April 03, 2019
The Bipartisan Budget Act of 2015 (“BBA”) introduced a centralized partnership audit regime to repeal and replace the Tax Equity and Fiscal Responsibility Act of 1982.  The BBA streamlined partnership audits (including limited liability companies taxed as partnerships, collectively referred to as “partnerships”) by providing for the assessment and collection of tax at the partnership level.