Client Memo- Partnership Audit Rules Go Live
As you prepare and gather the 2017 tax data, I strongly encourage you to take this opportunity to review and modify your partnership agreements to be in compliance with the IRS’s new partnership audit rules. The new rules enacted by The Bipartisan Budget Act of 2015 (BBA) introduced new tax terms and concepts, and are […]
Client Memo – Changes to IRS Partnership Audit Rules
The Bipartisan Budget Act of 2015 (the Act) enacted late last year repeals the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and will allow the IRS to collect taxes associated with audit adjustments at the partnership level, rather than passing adjustments through to the individual partners. […]
Client Memo – IRS to Change Partnership Audit Rules
Late last year, the Congress enacted Bipartisan Budget Act of 2015 (the Act) to repeal the existing partnership audit rules known as the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) to allow the IRS to collect taxes associated with audit adjustments at the partnership level, rather than passing adjustments through to the individual […]
