With the IRS laser-focused on enforcement, many partnerships will find themselves subject to their first IRS audits under the new procedurally complex partnership audit rules. Under these rules, the ...

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 ...

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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 ...

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 ...

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 ...

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 ...

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 ...

IRS court victories asserting that LLC members should pay self-employment taxes on distributive shares of LLC income should give practitioners pause before claiming this income is exempt from those ...