Fixing the partnership audit process
INSIGHT ARTICLE |
The rules for IRS audits of partnerships have been completely rewritten by Congress--generally for partnership returns filed beginning in 2019 for the 2018 taxable year. Many details remain to be fleshed out in regulations.
In this Viewpoint article previously published in Tax Notes, RSM principal Don Susswein and Ryan McCormick, senior vice president and counsel for The Real Estate Roundtable, explain in general terms, a series of pro-taxpayer amendments to the legislation that were advanced by The Real Estate Roundtable, a major real estate industry association. Fortunately, many of those pro-taxpayer amendments were accepted. The article, Fixing the Partnership Audit Process, explains the Congressional concerns that prompted the original legislation, and illustrates how many of the pro-taxpayer amendments are anticipated to operate.
