The Internal Revenue Service (IRS) issued temporary regulations on August 4, 2016, providing the time, form and manner for partnerships to elect to apply the new partnership audit regime enacted by the Bipartisan Budget Act...more
Last week, President Obama signed into law the Bipartisan Budget Act of 2015. Buried in this budget bill is an entirely new procedure for how partnerships are audited. Specifically, it would repeal the much maligned TEFRA...more
Last week, President Obama signed into law the Bipartisan Budget Act of 2015. As I mentioned in a prior post, the budget bill contained a proposal to revamp how partnerships are audited. Specifically, TEFRA (the 1982 Tax...more
Last week, President Obama signed into law the Bipartisan Budget Act of 2015. While there has been news coverage about the budget agreement, little attention has been paid to the fact that it dramatically changed the manner...more