Partnership Audit Rules Overhauled – Bipartisan Budget Agreement of 2015

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What you need to know about Bipartisan Budget Agreement of 2015 …

In December, President Obama signed the Bipartisan Budget Agreement of 2015 into law. Contained therein is a significant revision of the outcome of partnership audits. “Partnership” refers to any entity taxed as a partnership even if it is classified as something else for legal purposes. The new rules take effect for partnership years beginning on or after January 1, 2018, though a partnership can elect to be subject to these rules for any partnership year beginning on or after November 3, 2015.

Previous rules stated a partnership adjustment flowed through …read more

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