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New Audit Regime Gives Power To Partnerships, Officials Say

Law360, New York (November 8, 2017, 6:51 PM EST) -- While tax practitioners have expressed concern over new Internal Revenue Service rules that appear to grant broad authority to those representing partnerships during audits, U.S. Department of Treasury officials said Wednesday that the regulations were designed under a statute meant to empower the actual partnerships. 

The IRS rules interpret the new partnership audit scheme passed by Congress under the November 2015 Bipartisan Budget Act to assess and collect tax at the partnership level instead of at the level of individual partners. The regulations have stirred up...
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