New Partnership Audit Rules

Posted by Mary McNulty, Todd Keator and Lee Meyercord            Mary A. McNulty and Todd D. Keator of Thompson & Knight spoke at the Dallas Bar Association Tax Section Meeting held on February 1, 2016. Mary and Todd discussed the new “Partnership Audit Rules” enacted last November in the Bipartisan Budget Act of 2015.  The presentation addressed the procedures, key definitions, and open issues under the new partnership audit rules.  The presentation also addressed the impact of the new rules on drafting various agreements, including partnership and LLC agreements, purchase and sale agreements, contribution agreements and loan agreements.  To view the full presentation click here.If you have any questions about the new partnership audit rules or their impact, please contact one of us or any of the other Tax lawyers at Thompson & Knight.