This advisory will provide summaries of the following: I. Economic Injury Disaster Loan (EIDL) Program and Emergency EIDL Grants/Advances under the CARES Act (Sections 1107 and 1110) as enacted on March 27, 2020. II. Paycheck Protection Program Loan (“PPP Loan”) Key...
Partnership and LLC Agreements Require Amendment Due to Major Changes to Tax Audit Rules for Tax Years Beginning After December 31, 2017
SUMMARY: The Bipartisan Budget Act of 2015 (“BBA”) enacted major changes to federal income tax law regarding IRS audits of entities taxable as partnerships and their partners/members. The new rules, including proposed regulations, become mandatory for tax years...