Tucked into the two-year budget deal passed by Congress and signed by President Barack Obama on Nov. 2 are some major provisions affecting partnerships (Bipartisan Budget Act of 2015, P.L. 114-74).

On September 8, 2023 the IRS announced a sweeping effort to focus enforcement efforts on high-income individuals, partnerships, and corporations. On September 20, 2023 the IRS announced that it will ...

The recently-enacted Bipartisan Budget Act of 2015 includes a far-reaching overhaul of the rules applicable to IRS partnership audits and tax adjustments. This will be significant for partnerships and ...

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Over three-quarters of the audits conducted by the Internal Revenue Service under its centralized partnership audit regime resulted in no change in taxes, according to a new report. The report, ...

It has been 10 years since the Bipartisan Budget Act introduced the Centralized Partnership Audit Regime. The program was intended to help the Internal Revenue Service audit partnerships more ...

IRS examinations of partnerships under the procedures of the Bipartisan Budget Act (BBA) of 2015, P.L. 114-74, more often ended with no additional tax liability proposed than for all partnership ...

The IRS will begin a new way of auditing partnerships and LLCs (as most are treated as partnerships) for tax years beginning after Dec. 31, 2017. With these new rules comes the potential for a host of ...

WASHINGTON, DC - FEBRUARY 03: U.S. Secretary of Treasury Scott Bessent (L) and Howard Lutnick, U.S. President Donald Trump's nominee for Commerce Secretary, (R) stand behind U.S. President Donald ...

For many New Hampshire business entities taxable as partnerships, including multi-member limited liability companies and general and limited partnerships (all of which I’ll refer to here as ...

The Internal Revenue Service has been stepping up its audits of large partnerships lately, but partnerships have some ways to correct errors on the returns they've already filed to help them avoid ...