September 15 Is Almost Here — Is Your Partnership Representative in Place?
For many partnerships and investment funds, September 15 is an important tax filing deadline. As tax returns are being finalized, there is one item that should not be overlooked: the designation of the Partnership Representative. Under the federal partnership audit regime established by the Bipartisan Budget Act of 2015, partnerships subject to the regime generally designate a Partnership Representative on their federal partnership tax return. This is not simply an administrative title. The Partnership Representative has significant authority to act on behalf of the partnership in dealings with the Internal Revenue Service under the centralized partnership audit rules. For investment managers, fund administrators, tax professionals, and offshore funds with U.S. […]
New NY LLC Transparency Act Filing Requirement Effective January 1, 2026
The New York LLC Transparency Act (NY LLCTA) introduces a new Beneficial Owner Disclosure requirement for certain limited liability companies authorized to do business in New York. Beginning January 1, 2026, foreign LLCs formed under the laws of a foreign country and authorized to do business in New York must file either a Beneficial Owner Disclosure Report or, if eligible, an Attestation of Exemption with the New York Department of State. Foreign LLCs authorized before January 1, 2026, must file by December 31, 2026. Foreign LLCs authorized on or after January 1, 202,6 must file within 30 days of authorization. Annual filings are required thereafter, including for exempt entities. A&C […]