Is Your LLC Or Partnership Ready For Its (Possibly) Impendin

Is Your LLC Or Partnership Ready For Its (Possibly) Impending Audit? - Accounting and Audit


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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 individual partners. For
small partnerships or LLC's (ten or fewer partners or members),
the IRS had to audit each partner or member, too. For larger

Related Keywords

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