Tax,
Law Practice,
Law Office Management
Nov. 3, 2017
New partnership audit rules arrive in new year
These rules will apply to all partnerships, including law firms, for audits and tax years beginning on or after Jan. 1, 2018.
Under the new audit rules, each partnership is required to designate a partnership representative who is charged with broader powers than the tax matters partner. (Shutterstock)
The Department of Treasury and the IRS recently published their proposed regulations under the centralized partnership audit rules that were enacted into law under the Bipartisan Budget Act of 2015. These rules will apply to all partnerships, including law firms, for audits and tax years beginning on or after Jan. 1, 2018.
The new audit rules will replace the audit rules that currently govern partnership audits and are intended to im...
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