Why PE Partnerships Need to be Rewritten

Reforms of U.S. partnership audit laws will transform the audit landscape for private equity and real estate LPs and GPs—and require that every partnership agreement be rewritten. Don Susswein, principal in the Washington National Tax office of RSM US LLP, talks about the practical implications of the easing of partnership audit rules, why the Internal Revenue Service has been dared to step up its audit game, and how current investors could be making tax liability decisions for former investors.