Feature

5 Changes In Partnership Audit Rules You May Have Missed

Law360, Los Angeles (April 6, 2018, 3:49 PM EDT) -- The $1.3 trillion omnibus spending plan passed last month averted a government shutdown, but it also included key amendments to the centralized partnership audit tax regime, which among other things confirmed push-outs to tiered partnerships and clarified what happens if the partnership doesn't pay when it is audited.

The centralized partnership audit regime, which shifts tax liability to the partnership entity from the individual partners when the Internal Revenue Service conducts an audit, was implemented when Congress passed the Bipartisan Budget Act of 2015 in an attempt to ease the administrative burden on the IRS.

Since then, the American Institute of Certified...

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