Coming Soon: Partnership Representatives For Tax Issues

By William Schmalzl and Kristin Mikolaitis (May 31, 2017, 11:24 AM EDT) -- Partnerships, especially large partnerships, have become an increasingly common form for business activity. Between 2002 and 2011, the number of partnerships with 100 or more partners and $100 million or more of assets more than tripled, to 10,099.

Existing Internal Revenue Service tools established by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) have been unable to keep up with these developments, leading to a substantially lower audit rate for partnerships as compared to corporations. As a result, Congress in the Bipartisan Budget Act of 2015 (the 2015 Act) enacted a new regime for audits of partnerships that will...

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