New IRS Tax Audit Rules for Partnerships
Significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules have become effective for partnership tax years beginning in 2018 and these elections/changes must be reflected on the 2018 Partnership Tax Return. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make. Read more at MBE CPAs blog.