How Recent U.S. Tax Laws May Adversely Impact Small Partnerships & LLCs

Regardless of whether you applaud or condemn the passage of the Tax Cuts & Jobs Act of 2017 (“TCJA”), there are changes to partnership audit procedures in the Bipartisan Budget Act of 2015 (“BBA”) that go into effect for tax years beginning after December 31, 2017 and could add additional compliance costs to certain taxpayers.