The New Partnership Audit Rules Effective January 1, 2018
By Mike Bodrato, CPA, JD
As part of the Bipartisan Budget Agreement of 2015, Congress made significant changes in the procedures used by the IRS to conduct partnership audits (including LLCs treated as partnerships) and their partners. Proposed regulations were issued on January 19, 2017, but prior to being released were withdrawn by executive order. New proposed regulations were issued on June 14, 2017. The new partnership audit rules repeal the current regime under the Tax Equity...
