The Bipartisan Budget Act of 2015 established a new “centralized audit” regime for partnerships, including LLCs taxed as partnerships. Although the new audit rules apply to partnership tax returns for tax years beginning after 2017, the IRS didn’t finalize regulations on these rules until December 2018. This article reviews the new audit rules and discusses steps partnerships should take if they’re audited.

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Even if a person claimed an appropriate number of withholding allowances on Form W-4, there’s no guarantee that the total withholdings will match one’s tax liability for the year. Many people learned this lesson the hard way during the 2018 tax filing season, receiving smaller refunds than expected or even owing the IRS more taxes. This article explains the problem with withholding tables and discusses how to avoid surprises next year.

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The Tax Cuts and Jobs Act doubled the generation-skipping transfer (GST) tax exemption to $10 million beginning last year. The exemption is adjusted annually for inflation. (For 2019, the exemption amount is $11.4 million.) However, even though most families won’t be affected by the GST tax, it’s important to note that, beginning in 2026, the GST tax exemption is scheduled to return to a pre-TCJA level of $5 million. This article defines the GST tax and explains potential allocation pitfalls.

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