The document discusses the impact of the Bipartisan Budget Act of 2015 on U.S. federal income tax audits of partnerships, specifically focusing on the Access Fund. It outlines the changes in audit procedures, potential tax liabilities for partners, and the implications of not electing an alternative procedure. It also highlights other tax risks associated with investing in the Access Fund, including adverse changes in tax laws and potential taxation in various jurisdictions.
documents/vol00010-efta01364716-pdf.pdf
{"document_type":"financial","document_subtype":"tax legislation summary","key_organizations":["Southern Financial LLC","Access Fund"],"reference_numbers":["DB-SDNY-0055264","SDNY_GM_00201448","EFTA01364716"]}