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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!