Long-Awaited Partnership Audit Regs No Longer So Welcome
Law360, New York (January 25, 2017, 7:47 PM EST) -- Partnership audit rules issued by the IRS on the Obama administration's penultimate day are likely to face lawsuits, according to experts, some of whom say the agency's proposed process for designating partnership representatives and calculating "imputed underpayments" is unsupported by federal law.
The Internal Revenue Service on Jan. 18 managed to squeak out an unofficial, 277-page version of the proposed regulations before being forced to withdraw them from the Office of the Federal Register following a governmentwide executive order from President Donald Trump freezing all new and pending regulations, with some exceptions for health, national security and other emergency situations....
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