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Expert Analysis

Regulations Reveal IRS' Views On Partnership Audit Regime

By Elizabeth McGinley and Steven Lorch  ( March 6, 2019, 10:53 AM EST) -- On Dec. 21, 2018, the U.S. Department of the Treasury and the Internal Revenue Service released final regulations[1] implementing the federal audit regime for partnerships and entities classified as partnerships for federal income tax purposes, enacted under the Bipartisan Budget Act of 2015. The new rules, effective for audits of partnership tax years beginning on or after Jan. 1, 2018, generally allow the IRS to adjust items of income, gain, loss, deduction or credit of a partnership, and collect any resulting underpayment of tax at the partnership level....

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