We are pleased to provide you with a comprehensive Client Advisory covering two important updates on audit rules and DMCA deadlines that may impact your business operations and legal compliance.
Firstly, the IRS has introduced new audit rules affecting partnerships and limited liability companies (LLCs). These regulations, established to simplify and streamline partnership audits, require careful consideration by affected entities. It is essential for clients to review this advisory to understand the implications of these tax-related changes fully. Specifically, clients should evaluate whether to opt out of the new audit regime if eligible and assess whether amendments to their operating agreements are necessary to address these updated IRS rules effectively. Compliance with these regulations is crucial to avoid potential penalties and ensure smooth tax administration.
Secondly, our advisory reminds clients about an upcoming deadline under the Digital Millennium Copyright Act (DMCA). This deadline pertains to registering an agent designated to receive notifications of claimed copyright infringement. Compliance with DMCA requirements is essential for online service providers to benefit from safe harbor protections against liability for copyright infringement. Clients can find more detailed information about this deadline in our November 2016 Client Advisory or refer to the current advisory for a concise reminder.
We believe these client advisories will prove invaluable in navigating these regulatory updates and maintaining compliance with both tax and intellectual property laws. For further insights into tax-related matters, we encourage you to contact Aaron Kriss, who can provide expert guidance tailored to your specific needs. For inquiries regarding copyright and intellectual property issues, please reach out to Lee Gesmer and Joe Laferrera, who offer comprehensive expertise and support.
Should you require further clarification or assistance in understanding how these updates impact your business, our team stands ready to provide personalized advice and strategic recommendations. We strive to keep you informed and empowered to make informed decisions that safeguard your business’s legal and financial interests.