25 May 2016 Rethinking the rules: What you need to know about the future of partnership audits (BNA) Jeff Erickson, a principal with Ernst & Young LLP's National Tax Partnerships group, and Alice Harbutte, an executive director with Ernst & Young LLP's National Tax - Tax Controversy and Policy group, recently authored an article published in BNA's Daily Tax Report discussing important changes under new partnership audit rules, set to take effect in 2018, that can impose liability for tax, interest and penalties on the partnership itself. According to the article, partnerships will be subject to a new and more complex audit regime under provisions included in federal budget legislation enacted in December 2015. The authors further note that the new rules will apply to all partnerships beginning in 2018 (with limited ability to elect out), replace existing procedures that have been in place for decades and will significantly change the process for paying tax after an Internal Revenue Service audit. Document ID: 2016-0920 |
