Learn about the new centralized IRS partnership audit regime and how it may affect taxpayers conducting business through partnerships.
Principal, Tax Controversy Services, KPMG (US)+1 973-315-2631
Effective tax years beginning January 1, 2018, a new centralized IRS partnership audit regime will transform partnership audits and the assessment and collection of tax, affecting all taxpayers that conduct business through partnerships now and in the future.
IRS Memo Suggests Expanded Role For Appeals Within the Partnership Audit Procedures
Greg Armstrong of KPMG LLP discusses recent IRS guidance that indicates the IRS Office of Appeals will play a larger role in the new partnership audit procedures under the Bipartisan Budget Act of 2015. The author concludes that although further guidance is needed, the memorandum is an important first step.
Privately Speaking: The Impact of the New Partnership Audit Regime on Privately Held Companies
Read KPMG's recent issue of our bi-monthly Privately Speaking newsletter, where we highlight the new proposed regulations and its significance to privately held companies.
Webcast Replay: The New Centralized IRS Partnership Audit Regime: Moving Forward Now…
In this Webcast replay, senior-level professionals from KPMG's Washington National Tax group and Tax Dispute Resolution Network present a review of the new regime, including:
(Original airdate: August 22, 2017)
The New Partnership Audit Rules: An Executive Summary
Congress enacted the Bipartisan Budget Act of 2015 (the “Act”), which included major changes in the way the IRS will audit entities that are classified as partnerships for federal income tax purposes. As discussed in this What’s News in Tax article, taxpayers need to understand and consider the new rules today.