Tucked into the two-year budget deal passed by Congress and signed by President Barack Obama on Nov. 2 are some major provisions affecting partnerships (Bipartisan Budget Act of 2015, P.L. 114-74).

Tax advisors are almost uniform in their guidance that if a partnership can elect out of the new rules they should do so. This election must be made each year on the original IRS Form 1065 and, unless ...

With the IRS laser-focused on enforcement, many partnerships will find themselves subject to their first IRS audits under the new procedurally complex partnership audit rules. Under these rules, the ...

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It has been 10 years since the Bipartisan Budget Act introduced the Centralized Partnership Audit Regime. The program was intended to help the Internal Revenue Service audit partnerships more ...

The IRS will begin a new way of auditing partnerships and LLCs (as most are treated as partnerships) for tax years beginning after Dec. 31, 2017. With these new rules comes the potential for a host of ...

Over three-quarters of the audits conducted by the Internal Revenue Service under its centralized partnership audit regime resulted in no change in taxes, according to a new report. The report, ...

The Internal Revenue Service has been stepping up its audits of large partnerships lately, but partnerships have some ways to correct errors on the returns they've already filed to help them avoid ...

WASHINGTON, DC - FEBRUARY 03: U.S. Secretary of Treasury Scott Bessent (L) and Howard Lutnick, U.S. President Donald Trump's nominee for Commerce Secretary, (R) stand behind U.S. President Donald ...

For many New Hampshire business entities taxable as partnerships, including multi-member limited liability companies and general and limited partnerships (all of which I’ll refer to here as ...

IRS court victories asserting that LLC members should pay self-employment taxes on distributive shares of LLC income should give practitioners pause before claiming this income is exempt from those ...