As a result of the federal Bipartisan Budget Act of 2015, new Subchapter K (partnership and LLC) audit and assessment rules will take effect at the beginning of 2018. The new rules are expected to drastically increase the level of audit activity by the Internal Revenue Service and perhaps some states as well. With this date fast approaching, tax practitioners should begin to examine their client’s partnership and LLC agreements (as well as their own) to ensure that all aspects comply with the new law or to allow eligible partnerships to opt-out. To educate its members, the ASCPA is hosting a one-hour webinar at noon on Tuesday, January 17 with our own Bruce Ely and Will Thistle, Co-Chairs of a Task Force of the ABA Tax Section’s State & Local Tax Committee and the AICPA, discussing what tax practitioners should know when advising their clients on the practical aspects of the new audit rules and their potential effects going forward. The link to the webinar can be found on the ASCPA website.