Accounting Articles > LLCs, LLPs, and Partnerships:

Corporation LLC and LLP tax audit of limited liability tax returns

These audits can be brutal. Whether its an LLC or LLP, these have special difficulties given the difficulties in equity issues, and the proper distribution of income or losses.

Each partner has a certain percentage of ownership in the company, and each partner has contributed a certain amount of capital, in order to secure that ownership.

These capital accounts can become quite complicated when looking at inside versus outside basis, and any accompanying taxation consequences. Many times we even have difficulties explaining these concepts to the various governmental agencies, along with the applicable tax law.

If your are being audited, or are in the middle of an examination that isn't going well, call our offices today. The Special Accounting Packages section of this website may have a special offer which will benefit you. If you would like a second opinion, we will provide one for as little as $500, or represent you starting at $1,500. These audits can be a real nightmare when you don't have proper representation. As highly recommended tax accountants practicing in the Chicagoland Area, we have the experience and knowledge necessary to help you through this difficult time. Simply call or e-mail Accounting Solutions today.