Wednesday, June 14, 2017

IRS Reissues Partnership Audit Regs In Almost Identical Form

 The Internal Revenue Service on Tuesday reissued controversial regulations for auditing partnerships in almost identical form as those withdrawn in January following an executive order halting new rulemaking activities.

The long-anticipated rules, contained in 277 pages, interpret the new partnership audit scheme passed by Congress under the November 2015 Bipartisan Budget Act to assess and collect tax at the partnership level instead of at the level of individual partners.