Category: Business Owners

Business Owners

Partnerships Must Adapt to New IRS Audit Rules, Liabilities at the Entity Level


Posted on June 23, 2017 by Richard Berkowitz

For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level.  Since TEFRA’s enactment, partnerships have proliferated […]