I belong to an investment club, an LLP, and receive my K-1 annually. Are there any significant changes in the recently adopted tax bill that will affect me? Will anything in the new tax code dramatically alter the time, and therefore the cost, it takes the CPA to prepare the partnership's return and K-1's? All members of the LLP share equally in the cost of tax prep. TIA!
You may see some increase in accounting and tax preparation fees because new tax software will be needed and more time will need to be spent at tax seminars due to the new tax laws. I have been advising clients to see their attorney to determine if their will needs to be updated and have also advised my older clients to see their financial planner and advise them that these consults should be a coordinated effort to plan their financial future. Your LLP is a "pass through" entity and is impacted by the new law and you may see a slight increase in fees.