Fixes For Partnership Audit Regime Likely Pushed to 2017

Fixes For Partnership Audit Regime Likely Pushed to 2017

Technical corrections to the new regime for auditing partnerships aren’t likely to happen this year, as Congress is looking to wrap up 2016 quickly with a short-term spending bill and little else.

The next opportunity to pass a measure tweaking the partnership audit law could come if lawmakers pursue an overhaul of the tax code in 2017. Tax professionals and industry groups have been pushing lawmakers to put together a bill with technical changes to the regime before the Internal Revenue Service gets too far along in writing regulations to implement the legislation.

Technical corrections could easily be included in a tax package revamping the tax code next year, though it is unclear when in 2017 that might be, a Republican aide told Bloomberg BNA.

Excerpt taken from the article “Fixes For Partnership Audit Regime Likely Pushed to 2017” by Laura Davison for Bloomberg BNA

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