REPEAL OF TEFRA ENTITY LEVEL AUDIT RULES
The TEFRA partnership audit rules were recently repealed by Congress and replaced with new partnership audit rules affecting all partnerships. The new rules make wide-sweeping reforms in the audit of partnerships and LLCs, as well as the assessment and collection of tax. For large partnerships, the IRS may assess prior years’ understatements in tax directly against the partnership unless it elects to “push-down” the taxes owed to the partners.
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San Diego, CA
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