Goodbye TEFRA, Hello New Partnership Audit Rules

By: Amanda Wilson

Last week, President Obama signed into law the Bipartisan Budget Act of 2015.  As I mentioned in a prior post (found here), the budget bill contained a proposal to revamp how partnerships are audited.  Specifically, TEFRA (the 1982 Tax Equity and Fiscal Responsibility Act) is out.   The new partnership audit rules go into effect for partnership returns filed for partnership taxable years beginning after December 31, 2017. read more

Florida LLC’s can now prevent members from withdrawing

The new Florida LLC Act was revised this year so that a Florida LLC’s operating agreement can prohibit a member from withdrawing from the company. Withdrawal can allow a member to terminate his or her obligations as a member, which could include obligations to make capital contributions or not compete with the company’s business. Florida LLCs should consider adding a provision to their operating agreements prohibiting withdrawal of a member. read more