Taxation Fundamentals for Partnerships and LLCs


This practice note provides a basic introduction to the complex subject of partnership taxation. Included is a discussion of the most important tax factors that distinguish a partnership from other entities, a discussion of other significant tax provisions unique to the partnership form, and an analysis of the new audit rules that apply to partnerships for tax years beginning after December 31, 2017 and how these new rules affect the traditional conceptions of the partnership form.