Why every private equity and real estate partnership needs to be rewritten
Reforms of U.S. partnership audit laws will transform the audit landscape for private equity and real estate limited partners and general partners—and require that every partnership agreement be rewritten. Don Susswein, principal in RSM’s Washington National Tax office, talks about the practical implications of the easing of partnership audit rules, why the Internal Revenue Service has been dared to step up its audit game, and how current investors could be making tax liability decisions for former investors.
Newly enacted tax rules will change the way partnerships are audited by the IRS.
Explore newly enacted statutory rules governing partnership audits and understand how the legislation balances the interests of taxpayers and the IRS.
Reforming the partnership audit process: a practical solution
A recent budget compromise includes fundamental changes to the way the IRS will audit partnerships and LLCs.