Planning For Partnership Representatives In The New Year

By Charles Ruchelman, Rachel Partain and Aaron Esman (January 4, 2019, 4:12 PM EST) -- The past several months were an active time in the implementation of the new partnership audit regime, created under the Bipartisan Budget Act of 2015.[1] 2018 is the first tax year to which the new audit regime applies and the U.S. Department of the Treasury and the Internal Revenue Service issued a number of proposed and final regulations, along with draft forms and instructions, during the past year to assist taxpayers in preparing for and navigating the audit process. Final regulations governing the selection, designation and power of partnership representatives were issued on Aug. 6, 2018. On Dec. 21, 2018, the Treasury and the IRS issued final regulations addressing other aspects of the partnership audit regime.[2]...

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