IRS Proposes Exceptions To Partnership Audit Rules

Law360 (November 20, 2020, 4:07 PM EST) -- The Internal Revenue Service outlined several circumstances in which the agency would forgo applying its centralized partnership audit rules, in a set of proposed regulations the U.S. Department of the Treasury made available Friday. 

The IRS proposed regulations that would describe the circumstances where the agency wouldn't apply its centralized partnership audit rules. (AP Photo/Elaine Thompson) The agency may avoid invoking the partnership audit rules in cases involving termination assessments, jeopardy assessments and criminal investigations, the IRS said in the proposed regulations, given that those circumstances constitute special enforcement matters. 

"Requiring the IRS to adjust certain partnership-related items at the partnership...

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