ABA Supports Delay of Partnership Audit Regime

ABA Supports Delay of Partnership Audit Regime

The Section of Taxation of the American Bar Association released a letter they sent on Thursday, July 20th to the House Committee on Ways and Means and the Senate Committee on Finance conveying its support to delay the new Partnership Audit Regime by one year to January 1, 2019.  “Although we anticipate that Treasury and the Service will move expeditiously to finalize the proposed regulations once the comment period ending August 14, 2017 has closed and a public hearing is held on September 18, 2017, it is not realistic to believe that Treasury and the Service will issue comprehensive, final rules interpreting legislation of this magnitude in time for taxpayers and practitioners to act before January 1, 2018.”

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