"New Partnership Audit Procedures Will Have a Profound Impact," The Tax Insider
In an article published by The Tax Insider on October 5, 2016, Todd D. Radde provides insight on the biggest change to partnership tax audits since the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). The Bipartisan Budget Act of 2015, signed by President Barack Obama, contains several changes and the new rules will have a profound impact on existing and new partnerships. The first major change is that a tax liability, including penalties and interest, from a federal income tax audit or judicial proceeding will be imposed directly on the partnership and not on the partners individually. For the full article, you may visit The Tax Insider website.