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IRS Seeks Comments on New Partnership Audit Provisions

Friday, March 4, 2016 - 2:00PM

The Internal Revenue Service (IRS) today released Notice 2016-23, requesting comments on the new partnership audit regime enacted in the Bipartisan Budget Act of 2015.The new regime for auditing all partnerships will be effective for tax years beginning after Dec. 31, 2017. Some partnerships may elect into the regime prior to that date. The provisions are intended to make the IRS partnership audit process more efficient by eliminating multi-tier audits and determinations at the partner level. Comments on the new rules are due April 15.

To learn more about the implications of the new provisions on tax credit partnerships read the Notes from Novogradac blog, and purchase a recording of the Novogradac New Rules for IRS Audits of Partnerships Webinar.

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