Are Your Clients Ready for Audits and Tax Controversies Under the New Partnership Audit Rules?
805 North Broom Street
Wilmington, DE 19806
The IRS is gearing for the auditing of partnerships under the centralized partnership audit rules which were enacted in late 2015 but are generally effective for tax years beginning after 2017. The default rule is that the partnership is liable for the underpayments in tax from the years under audit unless it timely decides to push out the tax obligation to the partners for the reviewed years. There is much complexity as well as traps for the uniformed lawyer, accountant and client. This program will describe the general principles to the new rules.