Is Your LLC Or Partnership Ready For Its (Possibly) Impending Audit? - Accounting and Audit
To print this article, all you need is to be registered or login on Mondaq.com. On September 1, 2020, as a first step in its stated intention to increase Partnership audits in 2021, the Internal Revenue Service added a new section, BACKGROUND Before January 1, 2018, when the IRS audited a partnership (including any entity taxed as a partnership, like the typical limited liability company), and tax, interest or penalties were owed, the IRS could only collect from the in...
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