New Audit Powers Mean New Liabilities For Partnership Reps
By Vidya Kauri (May 16, 2017, 9:17 PM EDT) -- Forthcoming IRS regulations are expected to grant broad powers to those representing partnerships during audits, but these added capabilities could expose representatives to new risks, liabilities and potential misconduct claims from partners.
A number of tax practitioners told Law360 that they anticipate proposed regulations for a new partnership audit regime enacted by Congress to be reissued in the next couple of months after they had to be hastily withdrawn in January under a regulatory freeze instituted by the new administration.
The forthcoming rules will likely be substantially similar to what was made public just days before President Donald Trump took office,...
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