Tax advisors are almost uniform in their guidance that if a partnership can elect out of the new rules they should do so. This election must be made each year on the original IRS Form 1065 and, unless ...
On Nov. 20, 2020, the IRS and Treasury Department released proposed regulations on the centralized partnership audit rules enacted as part of the Bipartisan Budget Act of 2015 (the BBA Rules). The ...
WASHINGTON, DC - FEBRUARY 03: U.S. Secretary of Treasury Scott Bessent (L) and Howard Lutnick, U.S. President Donald Trump's nominee for Commerce Secretary, (R) stand behind U.S. President Donald ...
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The Internal Revenue Service is looking for comments on the new partnership audit rules that was enacted as part of Congress’s budget deal last December. Notice 2016-23 requests comments on the new ...
Monte Jackel of Jackel Tax Law discusses partnership taxation rules and the role they play in former President Trump’s ongoing IRS audit. This transcript has been edited for length and clarity. David ...
It has been 10 years since the Bipartisan Budget Act introduced the Centralized Partnership Audit Regime. The program was intended to help the Internal Revenue Service audit partnerships more ...
Partnerships (which, for the purpose of this article, include limited liability companies treated as partnerships for tax purposes) have long been considered a flexible way of structuring investment ...
To continue reading this content, please enable JavaScript in your browser settings and refresh this page. A partnership agreement (or operating agreement, in the ...
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