New Partnership Audit Rules: The Implications for Partnerships and Their Advisors

The Bipartisan Budget Act of 2015 was signed into law on November 2, 2015, and among other provisions, includes new partnership audit rules intended to make it easier for the IRS to collect tax liabilities resulting from partnership audits. The new partnership audit rules fundamentally change the manner in which the IRS conducts audits of partnerships and collects resulting tax liabilities. For more information, read HERE.