The significance of the new partnership audit rules for private equity
INSIGHT ARTICLE |
Newly enacted tax rules will change the way partnerships are audited by the IRS. Many existing partnership and LLC agreements may need to be reviewed and modified to address new business and tax issues posed by the new way IRS audits will occur for years after 2017. In this article featured in Private Funds Management, Don Susswein, principal in RSM’s Washington National Tax office, shares some background on how private equity will be affected by these changes.
Reforms of U.S. partnership audit laws will transform the audit landscape for private equity and real estate partners.
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.