There are new partnership audit rules that went into effect for tax years beginning January 1, 2018. Every partnership needs to designate a partnership representative and elect in or out of the centralized partnership audit regime if that is an option. They also need to consider amending their current partnership agreements.
For more information about these decisions, please read this article from the Texas Society of Certified Public Accountants.
Are You and Your Clients Ready for the New Partnership Audit Rules?