The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
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TOPICS / PASSTHROUGHS
Reporting & Filing Requirements
Proposed regs. would govern partnership audit adjustments
The IRS issued proposed regulations addressing how partnerships and their partners adjust tax attributes to take into account partnership adjustments under the new centralized partnership audit regime.
IRS issues final rules on election out of centralized partnership audits
IRS final regulations govern electing out of centralized
partnership audits.
Partnership audit adjustments addressed in proposed regs.
The IRS issued proposed regulations addressing how partnerships and their partners adjust tax attributes to take into account partnership adjustments under the new centralized partnership audit regime.
Current developments in partners and partnerships
This article reviews and analyzes recent law changes as
well as rulings and decisions involving partnerships.
Final rules govern election out of centralized partnership audits
The IRS finalized the rules for determining whether partnerships are eligible to elect out of the centralized audit procedures enacted in 2015, which apply to partnerships this year.
Developing a uniform state approach to the new federal partnership audit regime
This column, the first of two parts, discusses issues states must consider and steps some have taken to align partnership audit rules with new federal rules.
IRS reissues centralized partnership audit rules
The IRS reissued proposed regulations governing the centralized audit rules, which assess and collect tax at the partnership level.
Penalties for inconsistent reporting subject to deficiency procedures
Where there are no adjustments to partnership items, a taxpayer could not hide behind the Sec. 6230(a)(2)(A)(i) exclusion.
Centralized partnership audit rules are reissued in proposed form
The IRS reissued proposed regulations governing the centralized audit rules, which assess and collect tax at the partnership level.
State Challenges With the New Federal Partnership Audit Rules
The AICPA Task Force is developing a position paper with possible approaches that state CPA societies may want to consider in working with state
legislatures and tax authorities in developing compliance policies.
Current Developments in Partners and Partnerships
This article reviews and analyzes recent law changes as well as rulings and decisions involving partnerships.
Centralized Partnership Audit Rules Proposed
The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.
New Partnership Audit Procedures Will Have a Profound Impact
Changes in the the Bipartisan Budget Act of 2015 are a departure from how partnerships have been treated for federal income tax purposes.
A Glimpse Into the New Partnership Audit Rules
The changes affect not only procedural rules and technicalities, but also the underlying economic valuation of partnership interests and legal rights of partners as well.
IRS Provides Rules for Early Election of New Partnership Audit Procedures
The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.
IRS Issues Temporary Regulations on Early Elections of New Partnership Audit Procedures
The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.
Partnership Audit Rules for the Next Decade
This article analyzes new rules regarding the audit procedures for partnerships and describes important elections partnerships may make.
IRS Asks for Comments Before Issuing Partnership Audit Rules
The IRS requested comments on several issues to assist it in issuing regulations to implement the new rules for partnership audits that were passed by Congress last year to replace the long-standing TEFRA audit regime.
Congress Changes Partnership Audit Procedures
The Bipartisan Budget Act of 2015 greatly strengthened the IRS’s ability to examine certain partnerships.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
