The provisions of the CARES Act are detailed and complex. We hope this summary provides some interim guidance specific to entertainment professionals and small businesses as we collectively navigate these challenging times.
Ok, so maybe – just maybe – the title is a bit facetious. But what’s not funny is the new partnership audit rules. A partner who bought a partnership interest in 2019 could find themselves on the hook for a liability that arose in 2018 – when they didn’t own the interest – a nasty surprise.