IRS Floats Tiered Partnership Rules Under New Audit Regime
By Amy Lee Rosen (December 15, 2017, 12:14 PM EST) -- The IRS on Friday released highly anticipated guidance on a new partnership tax audit regime to address, among other things, how tax adjustments should be taken into account by so-called tiered partnerships that have pass-through entities as partners.
The changes are intended to make it easier for the IRS to audit partnerships by making adjustments and collecting tax at the partnership level rather than at the level of the individual partners. (AP) Under the new regime, which takes effect Jan. 1, a partnership is generally required to pay tax liabilities the year the Internal Revenue Service makes an adjustment unless the partnership...
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