Bankers may be indirectly affected by the new rules for IRS audits of partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. (For simplicity, we use the term “partnership” in this article to refer to partnerships and LLCs that are treated as partnerships for tax purposes. The term “partner” will be used to refer to an owner of either of these entities.) Here’s a brief summary of how the federal partnership audit rules have recently changed.
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Topics: Commercial Lenders, Commercial Lending, Partnership Audits, Uncategorized