Tax,
Law Practice,
Corporate
Nov. 27, 2017
Partnership audit procedure rules will change in the new year
For audits of partnerships with partnership years beginning on or after January 2018, new audit rules will apply.
Megan Lisa Jones
Email: megan.jones@withersworldwide.com
Loyola Law School
Megan is a tax attorney who specializes in estate and business planning. She was previously an investment banker at firms including Lazard Freres & Company.
As part of the budget agreement enacted in November 2015, Congress replaced the rules that govern audit procedures for partnerships as established by the Tax Equity and Fiscal Responsibility Act of 1982. For audits of partnerships with partnership years beginning on or after January 2018, the TEFRA audit rules will no longer apply. These new partnership audit rules apply to partnership adjustments, which are all adjustments in gain, loss, credit or deduction amounts o...
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