Accounting Articles > LLCs, LLPs, and Partnerships:
Corporation LLC taxes and audit of limited liability tax returns
There really isn’t anything terribly different about the audit of a Limited Liability Corporation outside of the equity accounts.
Each partner has a certain percentage in ownership of 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. Suffice it to say that many times we will have difficulties explaining these concepts to the various governmental agencies, along with the applicable tax law.
If you’re in the middle of an examination that isn’t going well, seek a second opinion. These audits can be a real nightmare when you don’t have proper representation.
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