The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
Taxing authorities have sought to incorporate adequate lead time into the tax filing process.
This article discusses developments in income allocations, disguised sales, partnership distributions, terminations, and basis adjustments.
The act replaces the current TEFRA partnership audit rules and repeals the current special rules for electing large partnerships.
The new rules would apply to partnership returns filed for tax years beginning after Dec. 31, 2017.
The short-term highway funding extension passed by the Senate contains several important tax provisions.