Mitigating the Potential Consequences of Partnership Audit Changes

Partnership audit changes present increased exposure to partnerships and their partners, and future legislation may curtail much of the flexibility associated with partnerships.

5 minute read February 01, 2024 at 12:03 AM

Mark L. Lubin

Mitigating the Potential Consequences of Partnership Audit Changes

Partnerships (which, for the purpose of this article, include limited liability companies treated as partnerships for tax purposes) have long been considered a flexible way of structuring investment arrangements and closely held businesses.

This premium content is locked for Accounting and Financial Planning for Law Firms subscribers only

ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN Accounting and Financial Planning for Law Firms

Stay current on the latest information, rulings, regulations, and trends
Includes practical, must-have information on copyrights, royalties, AI, and more
Tap into expert guidance from top entertainment lawyers and experts

Subscribe Now

Already have an account? Sign In Now

For enterprise-wide or corporate access, please contact Customer Service at [email protected] or call 1-877-256-2473.

NOT FOR REPRINT

Continue Reading

Is Your Law Firm’s AI Ready for Answer Engines and Clients?

AI claims are getting more scrutiny and regulators are looking more closely at whether organizations can substantiate what they say their AI does, while courts are beginning to address what happens when AI-generated search summaries get information wrong.

November 01, 2026

Lawsuit Over Carl Sagan’s “Iconic” Saying Evokes Right of Publicity Issues That Are Becoming Common Amid AI Boom

A recent lawsuit claims that an “iconic” saying about the universe and apple pie is as strongly linked with astronomer Carl Sagan as the act of turning letters in a gown is with Wheel of Fortune co-host Vanna White.

November 01, 2026

When AI Agents Trigger a Crisis, Part 2: Before the Agent Acts

This is the second in a two-part series on AI-driven crises. Part 1 examined communications during an incident while the facts are still developing. Part 2 addresses crisis plans, governance and tabletop exercises before an agent acts on behalf of the business.

November 01, 2026

Who Owns the Code? Closing IP and Founder Equity Gaps Before Venture Diligence Finds Them

This article walks through where intellectual property ownership gaps come from, how they surface in diligence and why they are so often tied to the way founder equity is structured.

November 01, 2026

Advertise with Us Customer Support Terms of Service