IRS Release Draft Instructions to Form 8978

On February 20th, the IRS provided draft instructions to Form 8978 which reflected the changes to the audit procedures of partnerships under the 2015 BBA. The form is used to compute additional reporting year tax, penalties and interest. Partners will use Form 8978 to report adjustments shown on Forms 8986 received from partnerships that have elected to push out adjustments to partnership-related items to their partners.

A New Era of Partnership Representation Before the IRS

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