WATCH: How to opt out of new partnership audit rules

November 2, 2017

Blog Post

All partnerships and most LLCs need to amend their partnership and operating agreements in response to the IRS' new partnership audit rules. The good news is that many small partnerships can affirmatively opt out of the provisions ahead of time. In this video, tax attorney David Ebersole explains the opt out process and details who is eligible to opt out.

On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction blocking the enforcement of the Corporate Transparency Act (CTA) which requires U.S. reporting companies to report beneficial owner information to the U.S. Treasury.

McDonald Hopkins, a destination law firm for top legal talent, is pleased to announce that Madison Massie has joined the firm's Business Department as an Associate, bringing her knowledge and expertise to the Tax and Benefits Practice Group.

Companies should begin evaluating whether they qualify for an exemption from CTA reporting requirements, and if not, begin preparing reporting information and constructing policies to ensure continued compliance with the CTA.

WATCH: How to opt out of new partnership audit rules

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