It’s time to dust off those partnership agreements

Small partnerships could be spared the toughest of the new IRS audit rules, or partners could take an alternative approach.

  • By Pam Schuneman
  • | 6:00 a.m. April 6, 2018
  • | 0 Free Articles Remaining!
While the effects of the Bipartisan Budget Act of 2015 audit regime will not be felt until 2020, partnership agreements should be amended to consider all relevant elections.
While the effects of the Bipartisan Budget Act of 2015 audit regime will not be felt until 2020, partnership agreements should be amended to consider all relevant elections.
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The Bipartisan Budget Act of 2015 changed the IRS partnership audit rules. These rules became effective January and could significantly shift audit adjustments to partners who may not have received the benefit, or paid tax, on an original tax assessment. 

 

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