New IRS Tax Audit Rules for Partnerships

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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.