TEFRA Repeal webinar: Essential Changes To Partnership & Operating Agreements
Presented by Jeramie J. Fortenberry, JD, LLM (Taxation) | Executive Editor, WealthCounsel
The Bipartisan Budget Act of 2015 was signed into law on November 2, 2015. The Act repealed the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 audit rules and changed the procedures for partnership audits. Because of the new rules, many common provisions in partnership agreements and operating agreement will soon become obsolete. The new rules also created several traps for the unwary....