Tax
Aug. 11, 2017
When the partnership or LLC pays the tax
The IRS’s proposed regulations on the new centralized audit regime are looming — and have many people scratching their heads in uncertainty about the ramifications.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
The IRS’s proposed regulations on the new centralized audit regime are looming — and have many people scratching their heads in uncertainty about the ramifications.
Under the new regime which is effective Jan. 1, 2018, adjustments and underpayments are calculated at the partnership or LLC level instead of the partner or member level.
Here we focus on how the adjustments are actually made at the pa...
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