Important Tax Considerations for LLCs and Partnership Audit Rules - Robert Coon, Sharon Heck The first part of the presentation will discuss tax considerations for LLCs, which are becoming a preferred entity choice for business enterprises due, in large part, to the protection of limited liability for the owner and the flexibility in which financial attributes can be divided between the members. Careful drafting of the distribution and allocation provisions in the operating agreement ensures that the members will receive the economic benefits consistent with the business deal between the members. The second part of the presentation will discuss the Bipartisan Budget Act of 2015, which included significant changes to the rules governing federal tax audits of entities treated as partnerships (including LLCs) for federal income tax purposes. _______________________________________________