George Hani Quoted Regarding Partnership Tax Liability Overhaul in Law360

"Audit Overhaul Warrants Revision of Partnership Agreements"
11.06.15George Hani was quoted regarding the audit and tax collection overhaul for partnerships recently signed into law as part of the Bipartisan Budget Act of 2015 and the resulting impact on tax liabilities. Partnerships will want to take into account that any adjustments to a partnership's tax liabilities as a result of an audit will apply to the year the adjustment is made, rather than to the year of the tax return in question, Hani said. That means partners who join a partnership could be liable for tax positions taken by the partnership before the partners joined. "The most important thing is the indemnity. Who's going to bear the burden of future tax? Is it necessarily for ... the partners today to bear the burden of what was determined to be in error two, three, four years in the past?" he asked.
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